Exercise 558 Effect of inventoy cost fow on ending innentory balance and gross margin The Shirt Shop had the followine trantactions for T-shirts for Year I, its first year of operations: Durine the year, The Shirt Shop sold $00 Tshirts for $25 each Required a. Compute the amount of endine inventory The Shirt Shop would report on the balance sheet, assumine the followine cost flow assumptions: (1) FHFO, (2) LFFO, and (3) weiehted average, rounded to two decimal places. b. Compute the difference in eross marein between the FIFO and LIFO cost-flow assumptions