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

Journal entries and other required details are presented below
Dr Debit ($) Credit ($) 3200 3200 2000 2000 Journal Entries Date Particulars Jan-20 Purchases a/c To Cash a/c (Being 400 units purchased at $8 each) Apr-21 Purchases a/c Dr To Cash a/c (Being 200 units purchased at $ 10 each) Jul-25 Purchases a/c Dr To Cash a/c (Being 280 units purchased at $ 13 each) Sep-19 Purchases a/c To Cash a/c (Being 90 units purchased at $ 15 each) Jan-Dec Cash a/c Dr To Sales a/c (Being 810 units sold @ $20 each) 3640 3640 Dr 1350 1350 16200 16200

Required B Required B G FIFO Required B GJ Required B GJ Required BT Required BT Required BT LIFO WA Acc FIFO Acc LIFO Acc WA 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.) View transaction list Journal entry worksheet 1 2 Record sale of inventory for cash. Note: Enter debits before credits. Credit Date Year 1 Debit | 16,200 General Journal Cash a/c To Sales a/c f(Being 810 T-Shirts sold at $20 each) 16,200 Record entry Clear entry View general journal

Required B Required B G) Required B G FIFO 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 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.) View transaction list Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit Year 1 COGS Computation Purchased 400 units @ $8 = $3,200 Purchased 200 units @ $10 = $2,000 Purchased 210 units @ $13 = $2,730 Total = $ 7,930 7,930 7,930 Cost of goods sold a/c To Inventory a/c (Being Cost of goods sold valued using FIEO Record entry Clear entry View general journal