5 Part 2 Required information Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 The following information applies to the questions displayed below) The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: 714 points San. 20Purchased Apr. 21Purchased July 25 Purchased Sept. 1 Preased 400 uniti S53,200 200 units 510 - 2.000 200 units. 513 - 3,640 During the year. The Shirt Shop sold 810 Tshirts for $20 each Exercise 5-5 Parta Required a. Compute the amount of ending wventory The Shirt Shop would report on the balance sheet, assuming the following cost Now assumptions() FIFO, 2) LIFO, and (3) Weighted average (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount) UVO Weighted Average Ending intory Chec 6 Part of Required information Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 The following information applies to the questions displayed below) The Short Shop had the following transactions for T-shirts for 2018, its test year of operations 714 po Skod Jan. 20 Prasad purchased July 25 Purchased Sept. 1Purchaud 100 s03,200 200 units 10-.000 200 - 3,600 01 - 3.350 During the year. The shut Shop sold 810 T-shirts for $20 each Exercise 5-5 Part 6 b. Compute the differere Ingross margin between the FIFO and LIFO cost how assumptions FO LUO pman