Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 580 units @ $ 9 = $5,220 380 units @ $ 11 - 4,180 460 units @ $ 14 - 6,440 270 units @ $ 16 4,320 During the year. The Shirt Shop sold 1,350 T-shirts for $25 each Exercise 5-5A 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.) Ending Inventory FIFO LIFO Weighted average Exercise 5-5A 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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 580 units @ $ 9 - $5,220 388 units @ $ 11 - 4,180 468 units $ 14- 6,440 270 units @ $ 16 4,320 During the year, The Shirt Shop sold 1,350 T-shirts for $25 each Exercise 5-5A Part C c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions