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

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

Jan. 20 Purchased 490 units @ $ 8 = $ 3,920
Apr. 21 Purchased 290 units @ $ 10 = 2,900
July 25 Purchased 370 units @ $ 13 = 4,810
Sept. 19 Purchased 180 units @ $ 15 = 2,700

During the year, The Shirt Shop sold 1,080 T-shirts for $24 each.

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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.

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—–>>>>>T CHARTS OF GJ FIFO, GJ LIFO, GJ WA, GJ ACC FIFO, GJ ACC LIFO, GJ ACC WA.

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