a. computer amount of ending inventory this shirt shop will report on the balance sheet assuming the following cause flow assumptions, FIFO, LIFO, weighted average

b. compute the difference in gross margin between Fifo and lifo cost flow assumptions

Required Informatlon Exercise 5.5 (Algo) 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 Year 1, its first year of operations: During the year. The Shirt Shop sold 810 T-shirts for $20 each. Exerclse 5-5 (Algo) Part a Required o. 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 Intermedlate calculetlons to 2 decimal places and flnal answers to nearest whole dollar amount. Requlred Informetlon Exercise 5.5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 51 [The following information applies to the questions displayed below.] The Shitt Shop had the following transactions for T-shirts for Year 1, its first year of operations: During the year. The Shirt Shop sold 810 T-shirts for $20 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions