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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 Purchased 570 units @ $ 10 = $ 5,700
Apr. 21 Purchased 370 units @ $ 12 = 4,440
July 25 Purchased 450 units @ $ 15 = 6,750
Sept. 19 Purchased 260 units @ $ 17 = 4,420

During the year, The Shirt Shop sold 1,320 T-shirts for $26 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.

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