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. January 20 Purchased 440 units @ $ 8 = Purchased 240 units @ $10 = Purchased 320 units @ $13 = Purchased 130 units @ $15 = $3,520 2,400 April 21 July 25 September 19. 4,160 1,950 During the year, The Shirt Shop sold 930 T-shirts for $24 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
January 20
April 21
Purchased 440 units @ $ 8 =
Purchased 240 units @ $10
Purchased 320 units @ $13 =
Purchased 130 units @ $15
$3,520
2,400
July 25
4,160
September 19
1,950
During the year, The Shirt Shop sold 930 T-shirts for $24 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.
Transcribed Image Text:! 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. January 20 April 21 Purchased 440 units @ $ 8 = Purchased 240 units @ $10 Purchased 320 units @ $13 = Purchased 130 units @ $15 $3,520 2,400 July 25 4,160 September 19 1,950 During the year, The Shirt Shop sold 930 T-shirts for $24 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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