The Shirt Shop had the following transactions for T$-$shirts for Year $1,$ its first year of operations:

$\backslash$table$[[$Jan$.20,$Purchased,$330$ units,@ $$4=,$$$1,320,],[$Apr$.21,$Purchased,$80$ units,@$,$$$6=,480],[$July $25,$Purchased,$220$ units,@$,$$$8=,1,760],[$Sept$.19,$Purchased,$70$ units,@$,$$$10=,700]]$

During the year, The Shirt Shop sold $530$ T$-$shirts for $$15$ 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.

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 $A$

Compute the amount of ending inventory The Shirt Shop would report on the balance shee assumptions: $(1)$ FIFO, $(2)$ LIFO, and $(3)$ weighted average. $($Round intermediate calculatic answers to the nearest whole dollar amount.$)$

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Weighted$],[$Average$]]],[$Ending inventory,,,$]]$