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 488 units @ $12- Purchased 290 units @ $14 $4,200 3,600 5,760 4,060 inces 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.) FIFO LIFO Weighted average Ending Inventory