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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 600 units @ $ 7 = $4,200 400 units @ $ 9 = 3,600 480 units @ $ 12 = 5,760 290 units @ $ 14 = 4,060 During the year, The Shirt Shop sold 1,410 T-shirts for $23 each. b. Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Required B Required B GJ Required B GJ Required B G Required BT FIFO LIFO WA ACC FIFO Required BT ACC LIFO Required BT Acc WA Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for purchase of inventory for cash on January 20. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 20 Record entry Clear entry View general journal Required B Required B GJ Required B G Required B G Required BT FIFO LIFO WA ACC FIFO Required BT Acc LIFO Required BT 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 Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Required B Required B G Required B G Required B G Required BT FIFO LIFO WA Acc FIFO Required BT Acc LIFO Required BT ACC WA Record the above transactions in general journal form using weighted average 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. Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Required B Required B G Required B G Required B G Required BT Required BT FIFO LIFO WA ACC FIFO Acc LIFO Required BT Acc WA Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal Required B Required B G Required B G Required B GJ Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Post to T-accounts using LIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bal Bal Required B Required B G Required B G Required B GJ Required BT FIFO LIFO WA ACC FIFO Required BT Acc LIFO Required BT Acc WA Post to T-accounts using weighted average method. Assume all transactions are cash transactions. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal