Ch. 3 & 5 Homework Sed 7 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 7 Purchased Apr. 21 Purchased 390 units $3-$1,170 110 units 440 points July 25 Purchased Sept. 19 Purchased 230 units 90 units 8061,300 720 During the year, The Shirt Shop sold 620 T-shirts for $13 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 Compute the ofference in gross margin between the FIFO and LIFO cost flow assumptions. Oross margin FIFO $5.730 1PO Difference Required A Reg Help Save & Exit Check my wo