Comple -5A Effect of inventory cost flow on ending inventory balance and gross margin had the following transactions for T-shirts for 2016, its first year of LO Shop operations: Purchased 400 units@$ 8 $3,200 2,000 Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 200 units@ $10 Purchased 280 units@$133,640 Purchased 90units @ $15 = 1.350 During the year, The Shirt Shop sold 810 T-shirts for S30 each. Required 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 a. b Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted average methods. Use a separate set of journal entrics and T-accounts for each method. Assume all transactions are cash transactions c. Co mpute the difference in gross margin between the FIFO and LIFO cost flow assumptions