6 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: 5 Jan, 20 Purchased 400 units points Apr. 21 Purchased 200 units July 25 Purchased 280 units 58 @ $10 @$13= $3,200 2,000 3,640 Sept. 19 Purchased 90 units 9 $15 1,350 Hint References During the year, The Shirt Shop sold 810 T-shirts for $20 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 nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory 2X Required A Required B > 6 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: 5 points July 25 Jan. 20 Purchased Apr 21 Purchased Purchased 400 units 58 $3, 200 200 units e $10 2,000) 200 units e $13- 3,640 Sept. 19 Purchased 90 units $15 1,350 References During the year, The Shirt Shop sold 810 T-shirts for $20 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 difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO Gross margin LIFO Difference