Question

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 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 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. Complete this question by entering your answers in the tabs below. Required B Required B G FIFO Required B G LIFO Required B G WA Required BT Required BT Required BT Acc FIFO Acc LIFO Acc WA 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.) View transaction list

Answer 1

Date	General Journal	Debit	Credit
Jan 20	Inventory	$3,200
	Cash		$3,200
	(To record purchase of inventory)
April 21	Inventory	$2,000
	Cash		$2,000
	(To record purchase of inventory)
July 25	Inventory	$3,640
	Cash		$3,640
	(To record purchase of inventory)
Sep 19	Inventory	$1,350
	Cash		$1,350
	(To record purchase of inventory)