! Required information Exercise 5-5A Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 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 $102,000 Purchased 280 units $133,640 Purchased 90 units $15 1,350 During the year. The Shirt Shop sold 810 T shirts for $20 each Exercise 5-5A Part b b. Record the above transactions in general journal form and post to 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 Required B G Required B G Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Required BT Acc WA Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg Bal Beg Bal 3,200 1/20 End. Bal 3,200 Sales Revenue Cost of Goods Sold Beg Bal Beg Bal End Bal End Bal Required B Required B G) Required B G Required B G) Required BT FIFO LIFO WA Acc FIFO Required BT Acc LIFO Required BT Acc WA Post to T-accounts using LIFO method. Assume all transactions are cash transactions, Cash Merchandise Inventory Beg Bal Beg. Bal End. Bal Sales Revenue Cost of Goods Sold Beg Bal Beg Bal End Bal End Bal Required B Required 8 GJ Required B G Required BG] Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Post to T-accounts using weighted average method. Assume all transactions are cash transactions. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg Bal Beg Bal End Bal Sales Revenue Cost of Goods Sold Beg Bal Beg Ball End Bal End. Bal Required B TAcc LIFO SITEMA