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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 490 units @ $ 8
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:
Jan. 20 | Purchased | 490 | units | @ | $ | 8 | = | $ | 3,920 | |
Apr. 21 | Purchased | 290 | units | @ | $ | 10 | = | 2,900 | ||
July 25 | Purchased | 370 | units | @ | $ | 13 | = | 4,810 | ||
Sept. 19 | Purchased | 180 | units | @ | $ | 15 | = | 2,700 | ||
During the year, The Shirt Shop sold 1,080 T-shirts for $24 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.
----->>>>>T CHARTS OF GJ FIFO, GJ LIFO, GJ WA, GJ ACC FIFO, GJ ACC LIFO, GJ ACC WA.
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