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| Date | Transaction Description | Quantity | Cost per Unit | Total Cost | Revenue per Unit | Total Revenue | Balance Inventory (units) | Cost of Goods Sold | Ending Inventory Value| |------------|-----------------------------------------------------|----------|---------------|------------|------------------|---------------|---------------------------|--------------------|-----------------------| | 5/5/202X | Purchase 250 shirts | 250 | $10 | $2,500 | | | 250 | | $2,500 | | 5/11/202X | 5% allowance on shirts (12.5 shirts) | -12.5 | -$10 | -$125 | | | 237.5 | | $2,375 | | 5/13/202X | Payment of purchase invoice (4% discount applied) | | | $2,404 | | | 237.5 | | $2,375 | | 5/20/202X | Sold 175 shirts | 175 | | | $15 | $2,625 | 62.5 | $1,750 | $625 | | 5/26/202X | Purchase 100 shirts | 100 | $11 | $1,100 | | | 162.5 | | $1,725 | | 5/29/202X | Sold 100 shirts | 100 | | | $15 | $1,500 | 62.5 | $1,000 | $725 | | 5/31/202X | LCM analysis | | | | | | 62.5 | | $562.5 |

Explanation:

Purchases and Inventory:

• When shirts are purchased, their cost and the resulting inventory count are adjusted accordingly.
• Allowances are applied directly to the total cost and affect ending inventory value.
• Payment discounts are calculated and reduce the effective total cost of purchases.

Sales:

• The sale of shirts decreases the balance inventory and incurs a "Cost of Goods Sold" (COGS) calculated using the FIFO method.
• Revenues are determined by multiplying the quantity sold by the unit sale price.

Ending Inventory:

• Calculated using the FIFO method to determine the inventory value at each step.
• The LCM (Lower of Cost or Market) analysis compares current market value with cost to potentially adjust inventory value, using the market value of $9 for remaining shirts on 5/31/202X.

Make sure to accurately calculate each financial element for detailed management reporting and inventory tracking.