5 ! Part 1 of 2 Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: 1 points January 201 April 21 Purchased 300 units @ $5 = Purchased 110 units @ $6 = $ 1,500 July 25 September 19 Purchased 240 units @ $7 = Purchased 60 units @ $8 = 660 1,680 480 eBook During the year, The Shirt Shop sold 510 T-shirts for $13 each. 6 ! Required information Part 2 of 2 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: 1 points January 20 Purchased 300 units @ $5 = April 21 Purchased 110 units @ $6 = July 25 September 19 Purchased 240 units @ $7 = Purchased 60 units @ $8 = eBook Hint Required Hint 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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. References FIFO LIFO Weighted Average Ending inventory During the year, The Shirt Shop sold 510 T-shirts for $13 each. $ 1,500 660 1,680 480 b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. References Gross margin FIFO LIFO Difference