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: During the year, The Shirt Shop sold 780 T-shirts for $18 each. Exercise 5-5 (Algo) Part a a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow Required Note: Roump: (1) FIFO, (2) LFO, and (3) weighted average. Note: Round intermedlate calculatlons to 2 decimal places and final answers to nearest whole dollar amount. 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: During the year, The Shirt Shop sold 780 T-shirts for $18 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions