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[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
[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 Apri1 21 July 25 September 19 Purchased 520 units o $9= Purchased 320 units e $11= Purchased 400 units $14= Purchased 210 units e $16= $4,680 3,520 5,600 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 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. Complete this question by entering your answers in the tabs below
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