The Shirt Shop had the following transactions for T-shirts for 2016, its first year of operations: Jan. 20 Purchased 400 units @ $8 = $3,200 Apr. 21 Purchased 200 units @ $10 = 2,000 July 25 Purchased 280 units @ $13 = Sept. 19 Purchased 90 units @ $20 = 3,640 1,800 During the year, The Shirt Shop sold 810 T-shirts for $20 each. 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 Record the entry for purchase of inventory for cash on January 20. Record the entry for purchase of inventory for cash on April 21. Record the entry for purchase of inventory for cash on July 25. Record the entry for purchase of inventory for cash on September 19. Record sale of inventory for cash for FIFO Sales and Cost of goods sold Record entry for cost of goods sold for FIFO Sales and Cost of goods sold Record sale of inventory for cash for LIFO Sales and Cost of goods sold Record entry for cost of goods sold for LIFO Sales and Cost of goods sold Record sale of inventory for cash for Weighted average Sales and Cost of goods sold Record entry for cost of goods sold for Weighted average Sales and Cost of goods sold Then, fill out the FIFO, LIFO, and weighted average on the charts with the beginning balances and ending balances

E14.7

E14.2

Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income?