4 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 Purchased 420 units @ $9 $3,780 Purchased 150 units $10 1,500 Purchased 5 September 19 Purchased 230 units 80 units @ $12 = 2,760 @ $13 1,040 points During the year, The Shirt Shop sold 730 T-shirts for $18 each. Required eBook References 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 difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference < Required A Required B >