Required information [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 490 units 130 units 240 units 80 units @ @ @ @ $ 8 = $ 9 = $11 = $13 = $3,920 1,170 2,640 1,040 During the year, The Shirt Shop sold 780 T-shirts for $18 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the FIFO cost flow assumption. FIFO Ending inventory Required information [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 490 units 130 units 240 units 80 units @ @ $ 8 = $ 9 = $11 = $13 = $3,920 1,170 2,640 1,040 During the year, The Shirt Shop sold 780 T-shirts for $18 each. b. Compute the gross margin using the FIFO cost flow assumption. FIFO Gross margin