The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $9 = $3,690 210 units @ $11 2,310 290 units @ $ 14 = 100 units @ $ 16 = 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each.
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $9 = $3,690 210 units @ $11 2,310 290 units @ $ 14 = 100 units @ $ 16 = 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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:
Jan. 20
Apr. 21
July 25
Sept. 19
During the year, The Shirt Shop sold 840 T-shirts for $25 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.
Purchased
Purchased
Purchased
Purchased
Complete this question by entering your answers in the tabs below.
View transaction list
Required B Required B GJ Required B GJ Required B GJ Required B T Required B T Required B T
FIFO
LIFO
WA
Acc FIFO
Acc LIFO
Acc WA
<
410 units @ $ 9 =
210 units @ $ 11 =
@ $11=
$ 14 =
100 units @ $ 16 =
290 units @
Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required"
in the first account field.)
Journal entry worksheet
1
Date
Jan. 20
2 3 4
Note: Enter debits before credits.
$3,690
2,310
4,060
1,600
Record the entry for purchase of inventory for cash on January 20.
Record entry
General Journal
Clear entry
< Required B
Debit
Credit
View general journal
>
Required B GJ FIFO >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d1b8197-abe0-4c3f-80b4-9e6e640ca2fb%2Fdd192f47-9661-42e8-a158-ba75b0ace3f6%2Ftlzn5m_processed.png&w=3840&q=75)
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:
Jan. 20
Apr. 21
July 25
Sept. 19
During the year, The Shirt Shop sold 840 T-shirts for $25 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.
Purchased
Purchased
Purchased
Purchased
Complete this question by entering your answers in the tabs below.
View transaction list
Required B Required B GJ Required B GJ Required B GJ Required B T Required B T Required B T
FIFO
LIFO
WA
Acc FIFO
Acc LIFO
Acc WA
<
410 units @ $ 9 =
210 units @ $ 11 =
@ $11=
$ 14 =
100 units @ $ 16 =
290 units @
Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required"
in the first account field.)
Journal entry worksheet
1
Date
Jan. 20
2 3 4
Note: Enter debits before credits.
$3,690
2,310
4,060
1,600
Record the entry for purchase of inventory for cash on January 20.
Record entry
General Journal
Clear entry
< Required B
Debit
Credit
View general journal
>
Required B GJ FIFO >
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