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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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 440 units @ $ 8 = $3,520 240 units @ $ 10 = 2,400 320 units @ $ 13 = 130 units @ $ 15 = 1,950 4,160 During the year, The Shirt Shop sold 930 T-shirts for $24 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. Complete this question by entering your answers in the tabs below. Required B Required B G 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.)
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