What is the cost of goods sold and merchandise inventory?

Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. During the year, The Shirt Shop sold 990 T-shirts for $24 each. . Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average nethods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Compleie this question by entering your answers in the tabs below. Record the above transactions in general journal form using FIFO 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.) Record the above transactions in general joumal form using FIFO method. Assume all transactions are cash transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.)