I'm a reading specialist. My first suggestion is to talk to her teacher and ask what exactly she is struggling with. Really the only words she needs to memorize are the sight words--words that can't be decoded (sounded out) and the words that are used most frequently in written text.
Beyond that she needs the skills to take words apart and read the chunks. For example the word can is c-an. Just changing the first sound you can read the words ban, Dan, fan, Jan, man, Nan, Stan, than, span. Just by adding endings, you can read a whole bunch of other words--cans, canning, candle. You need to know which phonics skills she needs help with.
But please, please, please DO NOT buy Teach Your Child to Read products, workbooks and flash cards to practice those skills. Play games. If you Google 1st grade phonics games you will find lots of fun ideas that can be made for little to no cost at home. Many of them have been made by home school moms. Don't spend hours making her play them. 10-15 minutes at the most every day. If it isn't fun for her, it will be counter productive.
Instead of spending lots of time memorizing words or playing games, spend time with books! Read to her. Read with her. Ask her teacher or a librarian at the public library for book recommendations for easy reader books. Start with the Elephant and Piggie books by Mo Willems. A lot of the Step into Reading books will probably be at her reading level. Henry and Mudge books are great! Dr. Seuss books are great for practicing chunking words. Green Eggs and Ham is a perfect book for that! Others have mentioned you reading a page or line and your daughter reading the next. That's a great thing to do. If that's too hard, take turns reading each word. Audio books that she can listen to and follow along are great. The Epic! app has some great audio books. The Tumblebooks web site is also great. Check with your local library or school librarian to see if they have other ideas.
Talk about the books you read. Don't quiz her on the books. Have book discussions with her. What was your favorite part? Why do you think the character did that? Would you want to be friends with that character? How would you feel if that happened to you? How would you change this story? Share your own answers to your questions. Encourage her to ask you questions about the books you read together.
There is so much research that shows that the best readers are the kids who spend the most time reading or being read to. I used to have a poster in my classroom that said: 10 Ways to be a Better Reader
1) Read
2) Read
3) Read
You get the idea. Immersion in books is the best way to learn how to read. Just like swimming. You can't learn to swim if you aren't in the water. You can't learn to read if you aren't I books!