Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 51 [The following information applies to the questlons dispiayed beliow] The Shirt Shop had the following transactions for T-shirts for Year t. its first year of operations: During the year, The Shirt Shop sold 680 T-shirts for $20 each. Exercise 5-5 (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would repoit on the bolance sheet, assuming the folowing cost fow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole delier ambunt. Pequired information Exercise 55 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 51 [The following informatian waplies to the questions disployed beiow] The Shint Shog had the following transactions for T-sturts for Year 1 , its fina year of operstions: Duting the yeac, The stirt Sthep wald 630 T-skirts for 320 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross enargin besween thw FFO and LFO cost fow assumptions