Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average.

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:


Jan. 20	Purchased	570	units	@	$	10	=	$	5,700
Apr. 21	Purchased	370	units	@	$	12	=		4,440
July 25	Purchased	450	units	@	$	15	=		6,750
Sept. 19	Purchased	260	units	@	$	17	=		4,420

During the year, The Shirt Shop sold 1,320 T-shirts for $26 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.

Expert Solution

FIFO

LIFO

Weighted Average

Workings

ekkarill92 answered 2 years ago

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