! Required information Exercise 5-5A 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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 420 units @ $ 8 = $3,360 220 units @ $ 10 2,200 300 units @ $13 = 3,900 110 units @ $ 15 = 1,650 During the year, The Shirt Shop sold 870 T-shirts for $24 each. Exercise 5-5A 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 cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average