The Shirt Shop had the following transactions for T shirts for Year tsyear of operations

Check Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements 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 Purchased Sept. 19 Purchased B 490 units 130 units 240 units units $8 59 $11 51 $3,920 1.170 2,640 1.00 During the year. The Shirt Shop told 780 T-shirts for $18 each Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions:() FIFO (2) LIFO, and (3) weighted average b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. During the year. The Shirt Shop sold 780 T-shirts for $18 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) UFO, 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 amounts FIFO LIFO Weighted Avaraga Ending Inventory During the year. The Shirt Shop sold 780 T-shirts for $18 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) UFO, 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. FIFO LIFO Differences Gross margin