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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 first
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 April 21 July 25 September 19 Purchased 410 units @ $ 9 = Purchased 210 units @ $11 = Purchased 290 units @ $14 = Purchased 100 units @ $16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 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. > Answer is not complete. 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 FIFO LIFO WA Acc FIFO Acc LIFO Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Acc WA Cash Merchandise Inventory Beg. Bal. Year 1 Beg. Bal. 21,000 1/20 3,690 3,690 1/20 4/21 2,310 2,310 4/21 7/25 4,060 4,060 7/25 9/19 1,600 1,600 9/19 Year 1 End. Bal. 9,340 End. Bal. 11,660 Sales Revenue Beg. Bal. Cost of Goods Sold Beg. Bal. 21,000 Year 1 Year 1 End. Bal. 21,000 End. Bal
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