Exercise 5-5A (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. January 20 April 21 July 25 September 19 Purchased 600 units @ $ 7 Purchased 400 units @ $9 = Purchased 480 units @ $12 Purchased 290 units @ $14 $4,200 3,600 5,760 4,060 During the year, The Shirt Shop sold 1.410 T-shirts for $23 each. Exercise 5-5A (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Ending Inventory FIFO 1$ 5,980 LIFO S 2.520 Weighted average 3,586