! Required information Exercise 5-5 (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 440 units @ $9 = Purchased 150 units @ $10 = Purchased 240 units @ $11 Purchased 80 units @ $12 = = During the year, The Shirt Shop sold 720 T-shirts for $17 each. $ 3,960 1,500 2,640 960 Exercise 5-5 (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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. FIFO LIFO Weighted Average Ending inventory $ 9,060 $5,100 $ 9,076