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The Shirt Shop had the following transactions for T - shirts for 2 0 1 6 , its first year of operations: Jan. 2 0
The Shirt Shop had the following transactions for Tshirts for its first year of operations:
Jan. Purchased units @ $ $
Apr. Purchased units @ $
July Purchased units @ $
Sept. Purchased units @ $
During the year, The Shirt Shop sold Tshirts for $ each.
b
Record the above transactions in general journal form and post to Taccounts using FIFO, LIFO, and weighted average. Use a separate set of journal entries and Taccounts for each method. Assume all transactions are cash transactions
Record the entry for purchase of inventory for cash on January
Record the entry for purchase of inventory for cash on April
Record the entry for purchase of inventory for cash on July
Record the entry for purchase of inventory for cash on September
Record sale of inventory for cash for FIFO Sales and Cost of goods sold
Record entry for cost of goods sold for FIFO Sales and Cost of goods sold
Record sale of inventory for cash for LIFO Sales and Cost of goods sold
Record entry for cost of goods sold for LIFO Sales and Cost of goods sold
Record sale of inventory for cash for Weighted average Sales and Cost of goods sold
Record entry for cost of goods sold for Weighted average Sales and Cost of goods sold
Then, fill out the FIFO, LIFO, and weighted average on the charts with the beginning balances and ending balances
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