The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations:

Jan. 20 Purchased 420 units @ $8 = $ 3,360

Apr. 21 Purchased 220 units @ $10 = 2,200

July 25 Purchased 300 units @ $13 = 3,900

Sept. 19 Purchased 110 units @ $15 = 1,650

During the year, The Shirt Shop sold 870 T-shirts for $24 each.

a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)

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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

c. Create a general journal entry using FIFO; Sales and Cost of goods sold

d. Create a general journal entry using LIFO; sales and Cost of goods sold

e. Create a general journal entry for the weighted average of sales and cost of goods sold