Exercise 5-20A (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-6 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 560 T-shirts for $17 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. Complete this question by entering your answers in the tabs below. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places ar answers to the nearest whole dollar amount.) Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions