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 840 T-shirts for $25 each. Required 1. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow ssumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest vhole dollar amount.) Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average nethods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions