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Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 Purchased 400 units @ $ 8 = $3,200 April 21 July 25 Purchased 200 units @ $10 Purchased 280 units @ $13 = 2,000 = 3,640 September 19 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted- average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs below. Required B Required B GJ Required B GJ Required B GJ Required BT Required BT Required BT Acc FIFO FIFO LIFO WA Acc LIFO Acc WA Record the above transactions in general journal form using FIFO method. Assume all transactions are cash transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet
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