Check my work 00 8 Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross mergin 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 Part 1 of 2 2.22 points Jan 20 Purchased are unite 58. $3,200 Apr. 22 Purchased 15 units $10.00 July 25 Purchased 200 units 512 - 2,000 Sept. 1 purchased 100 units 514 - 1,400 01:34:23 During the year. The Shirt Shop sold 650 T-shirts for 519 each Exercise 5-5 (Algo) Porta Required a Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions() FFO.(2) LIFO, and (3) weighted average (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount) FIO LIFO Weighted Average Ending inventory Check my work 9 Required information Part 2 of 2 Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 The following information apples to the questions displayed below) The Shirt Shop had the following transactions for Tshirts for Yeart, its first year of operation: 222 po 3 03250 Jan. 20 Purchased 400 units 39,200 Apr. 21 Purchased 150 units 510 1.500 July 25 Purchased units $12. 2,400 Sept. 19 Purchased 100 units 514 - 1.400 sed During the year. The Shirt Shop sold 650 T-shirts for S19 each References Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions FIFO LIFO Difference Gross margin