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The Shirt Shop had the following transactions for T - shirts for Year 1 , its first year of operations. January 2 0 Purchased 4

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.
January 20 Purchased 410 units @ $ 9= $3,690
April 21 Purchased 210 units @ $11=2,310
July 25 Purchased 290 units @ $14=4,060
September 19 Purchased 100 units @ $16=1,600
During the year, The Shirt Shop sold 840 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.
Make sure you include each journal entry for LIFO, FIFO and weighted average as well as the T account for LIFO, FIFO and weighted average.

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