B record the above transactions in general journal

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b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
(2) LIFO Sales and Cost of Goods Sold 2016 Cash 24,300 Sales Revenue 24,300 2016 Cost of Goods Sold 8,910 Merchandise Inventory 8910 (3) Weighted Average Sales and Cost of Goods Sold 2016 Cash 24300 Sales Revenue 24300 2016 Cost of Goods Sold 8,508.40 Merchandise Inventory 8,508.40 EXERCISE 5-5A b. (cont.) (1) FIFO Cash Sales Revenue 2016 24300 1/20 3200 2016 24300 4/21 2000 7/25 3640 9/19 1350 Cost of Goods Sold Bal. 14110 2016 7930 Bal. Merchandise Inventory
1/20 3200 7930 4/21 2000 7/25 3640 9/19 1350 2016 Bal. 2260 (2) LIFO Cash Sales Revenue 2016 24300 1/20 3200 24300 4/21 2000 7/25 3640 9/19 1350 Cost of Goods Sold Bal. 14110 2016 8910 Bal. Merchandise Inventory 1/20 3200 8910 4/21 2000 7/25 3640 9/19 1350 Bal 1280 (3) Weighted Average Cash Sales Revenue 2016 24300 1/20 3200 24300 4/21 2000
7/25 3640 9/19 1350 Cost of Goods Sold Bal. 14110 2016 8,508.40 Bal. Merchandise Inventory 1/20 3200 8508.40 4/21 2000 7/25 3640 9/19 1350 Bal 1681.60

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