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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 Tshirts for Year its first year of operations.
January Purchased units @ $ $
April Purchased units @ $
July Purchased units @ $
September 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 assuming FIFO, LIFO, and weightedaverage methods. Use a separate set of journal entries and Taccounts 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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