Required information [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 510 T-shirts for $13 each. 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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. Required information [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 510 T-shirts for $13 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions