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 400 units 58- April 211 Purchased 150 units $10 July 25 Purchased 200 units $12 September 19 Purchased 100 units $14 $3,200 1,500 2,400 1,400 During the year. The Shirt Shop sold 650 T-shirts for $19 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