Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin 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: During the year, The Shirt Shop sold 650 T-shirts for $14 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. Note: Round intermediate calculations to 2 decimal ploces and final answers to nearest whole dollar amount. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions