Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased 310 units e $ 7 $2,170 150 units @ $9- 1,350 July 25 Purchased 210 units e $10-> 2,100 Sept. 19 Purchased: 90 units @ $12 = 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the followi. assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B 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 intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Ending inventory Weighted Average The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased. Apr. 21 Purchased July 25 310 units @ $ 7 $2,170 150 units @ $9 m 1,350 Purchased 210 units @ $10- 2,100 Sept. 19 Purchased. 90 units @ $12= 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference < Required A Required B