The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: = = Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 440 units 130 units 240 units 70 units @ @ @ @ $ 9 $11 $12 $13 $3,960 1,430 2,880 910 = = During the year, The Shirt Shop sold 710 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) 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 $ 2, 110 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: $ 9 = Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 440 units 130 units 240 units 70 units @ @ @ @ $11 $3,960 1,430 2,880 910 $12 $13 During the year, The Shirt Shop sold 710 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) 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 FIFO $ 5,710 Gross margin