Check my work Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations Jan, 20 Apr. 21 July 25 Sept. 19 Purchased Purchased 498 units $8 $5,920 130 units 59 1,178 Purchased 240 units $33 2,640 Purchased se units 515 1,040 During the year. The Shirt Shop sold 780 T-shirts for $18 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. re to search < Prev 10 of 20 Next > 158PM E a 53F Sunny 6 01 1/30/2022