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 Purchased 370 units @ $12 = Purchased 140 units @ $13 = July 25 Purchased 220 units @ $15 = September 19 Purchased 100 units @ $16 = $ 4,440 1,820 3,300 1,600 During the year, The Shirt Shop sold 690 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