No file chosen Shop had the following transactions for T-shirts for Year 1, its first year of operations: = = Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 330 units 80 units 220 units 70 units @ @ @ @ $ 4 $ 6 $ 8 $10 $1,320 480 1,760 700 = During the year, The Shirt Shop sold 530 T-shirts for $15 each. 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. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory Required A Required B > Required A Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin