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Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 51 [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 760 T-shirts for $18 each. Exercise 5-5 (Algo) Part a Required Hompute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow issumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 51 [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 760 T-shirts for $18 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions