O Required information [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 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 330 units 80 unita 210 units 60 units e $ 10 = $3,300 @ $ 11 - 880 $ 13- 2,730 $ 14 840 During the year. The Shirt Shop sold 520 T-shirts for $19 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 (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory Required information [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 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 330 units 80 units 210 units 60 units @ $ 10 = $3,300 @ $ 11 - 880 @ $ 13 - 2,730 @ $ 14 = 840 During the year, The Shirt Shop sold 520 T-shirts for $19 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin