Required information Exercise 5-5 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 2018, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 units 150 units 200 units 100 units 58 - $3,200 $ 10 - 1,500 $12 - 2,400 #514 - 1,400 During the year. The Shirt Shop sold 650 T-shirts for $19 each. Exercise 5-5 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. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) Answer is not complete. FIFO LIFO Weighted Average 54,400 $ 800 Ending inventory Exercise 5-5 Part b b. Compute the difference in gross margin between the FIFO and UFO cost flow assumptions Difference Grossmaye