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 201 April 21 July 25 September 19 Purchased 480 units @ $11- Purchased 140 units @ $13 Purchased 240 units @ $15 Purchased 100 units $ 5,280 1,820 3,600 $16- 1,600 During the year. The Shirt Shop sold 800 T-shirts for $21 each. 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 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 Purchased 480 units @ $11- Purchased 140 units @ $13- $ 5,280 1,820 3,600 1,600 April 21 July 25 September 19 Purchased 240 units @$15 Purchased 100 units @ $16- During the year, The Shirt Shop sold 800 T-shirts for $21 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference