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. January 20 April 21 July 25 September 19 Purchased 460 units @ $ 8 = Purchased 260 units @ $10 = Purchased 340 units @ $13 = Purchased 150 units @ $15 = $3,680 2,600 4,420 2,250 During the year, The Shirt Shop sold 990 T-shirts for $24 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. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average ! 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. January 20 April 21 July 25 September 19 Purchased 460 units @ $ 8 = Purchased 260 units @ $10 = Purchased 340 units @ $13 = Purchased 150 units @ $15 = $3,680 2,600 4,420 2,250 During the year, The Shirt Shop sold 990 T-shirts for $24 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions