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 480 units 140 units 240 units 100 units $11 - $5,280 $13 - 1,820 $15 - 3,600 $16 - 1,600 During the year, The Shirt Shop sold 800 T-shirts for $21 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flo 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 Weighted Average Ending inventory 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 480 units 140 unita 240 units 100 units $11 $13 $15 $16 - $5,280 1,820 3,600 1,600 During the year, The Shirt Shop sold 800 T-shirts for $21 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 Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. LIFO Difference Gross margin FIFO