The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 September 19 Purchased 480 units Purchased 140 units @ $13 Purchased 240 units @ $15 Purchased 100 units $16 $11 = =1 $ 5,280 1,820 3,600 1,600 During the year, The Shirt Shop sold 800 T-shirts for $21 each. Exercise 5-5 (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assumin assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar FIFO LIFO .. Weighted Average Ending inventory ok nces $ 5,280 1,820 3,600 1,600 January 20 April 21 July 25 September 19 Purchased 480 units @ $11 = Purchased 140 units @ $13 = Purchased 240 units @ $15 Purchased 100 units @ $16 = = During the year, The Shirt Shop sold 800 T-shirts for $21 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow Gross margir FIFO LIFO Difference