(Solved): Required information [The following information applies to the questions displayed below.] The Sh ...

Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: During the year, The Shirt Shop sold 810 T-shirts for $\$20$ each. 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 Taccounts for each method. Assume all transactions are cash transactions. (If no entry is required for a transoction/event, select "No journal entry required" in the first occount field.) [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: During the year, The Shirt Shop sold 810 T-shipts for $\$20$ each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal ploces and final answers to the nearest whole dollor amount.) Required information [The following information applles to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: During the year. The Shirt Shop sold 810 T-shirts for $\$20$ each. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.