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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 Purchased 560 units @ $ 9
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 Purchased 560 units @ $ 9 = $5,040 April 21 Purchased 360 units @ $11 = 3,960 July 25 Purchased 440 units @ $14 = 6,160 September 19 Purchased 250 units @ $16 = 4,000 During the year, The Shirt Shop sold 1,290 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
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