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 Purchased 450 units @ $ 9 = April 21 $4,050 Purchased 250 units @ $11 = 2,750 July 25 Purchased 330 units @ $14 4,620 September 19 Purchased 140 units @ $16 = 2,240 During the year, The Shirt Shop sold 960 T-shirts for $25 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 S 2,453 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 Purchased 458 units 5.9 $4,050 April 21 Purchased 250 units @ $11 2,750 July 25 Purchased 330 units $14 = 4,620 September 19 Purchased 140 units @ $16 2,240 During the year, The Shirt Shop sold 960 T-shirts for $25 each. b. Record the above transactions in general Journal form and post to Taccounts assuming (FIFO. () LIFO, and (3) weighted-werage methods. 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. Required B Required B G) Required BG Required B Required BT Required BT Required BT FIFO LIFO WA Acc FIFO Acc LIFO Acc WA Post to T-accounts using FIFO method. Assume all transactions are cash transactions. Cash Merchandise Inventory Beg Bal Beg Bal End, Bal End. Bal Sales Revenue Cost of Goods Sold Beg Bal Beg Bal End. Bal End. Bal ! 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 450 units @ $ 9 = Purchased 250 units @ $11 = Purchased 330 units @ $14 = Purchased 140 units @ $16 $4,050 2,750 4,620 2,240 During the year, The Shirt Shop sold 960 T-shirts for $25 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