10 10 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: 5 Jan. 20 Purchased 300 units e $5-$1,500 points Apr. 21 Purchased 110 units @$6- 660 July 25 Purchased 240 units Sept. 19 Purchased 60 units 8 $7= 1,680 480 Hint References During the year, The Shirt Shop sold 510 T-shirts for $13 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. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B 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 intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory Required B > 10 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: 5 Jan. 20 Purchased 300 units e points Apr. 21 Purchased. 110 units July 25 Purchased 240 units Sept. 19 Purchased. 60 units $5-$1,500 @50- 660 @$ 7- 1,680 @58- 480 Hint 10 References During the year, The Shirt Shop sold 510 T-shirts for $13 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. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B 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 intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory Required B >