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T-accounts for FIFO, LIFO and weighted average Required information (The following information applies to the questions displayed below. The Shirt Shop had the following transactions

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T-accounts for FIFO, LIFO and weighted average

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 520 units @ $ 9 = $ 4,680 320 units @ $ 11 = 3,520 400 units @ $ 14 = 5,600 210 units @ $ 16 = 3,360 During the year, The Shirt Shop sold 1,170 T-shirts for $25 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 G Required B G Required BT FIFO LIFO WA Acc FIFO Required BT 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 Year 1 End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bal End. Bal

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