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

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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased Apr. 21 July 25 420 units $ 9 = $3,780 Purchased 150 units $10 = 1,500 Purchased 230 units $12 2,760 Sept. 19 Purchased 80 units $13 = 1,040 During the year, The Shirt Shop sold 730 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 $ 1,180 $ 1,350 $ 1,265 < Required A Required B > The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 420 units $ 9 $3,780 Apr. 21 Purchased 150 units $10 1,500 July 25 Purchased 230 units $12 2,760 Sept. 19 Purchased 80 units $13 = 1,040 During the year, The Shirt Shop sold 730 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. Gross margin FIFO $ 4,500 LIFO Difference < Required A Required B > The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased Apr. 21 July 25 420 units $ 9 = $3,780 Purchased 150 units $10 = 1,500 Purchased 230 units $12 2,760 Sept. 19 Purchased 80 units $13 = 1,040 During the year, The Shirt Shop sold 730 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 $ 1,180 $ 1,350 $ 1,265 < Required A Required B > The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 420 units $ 9 $3,780 Apr. 21 Purchased 150 units $10 1,500 July 25 Purchased 230 units $12 2,760 Sept. 19 Purchased 80 units $13 = 1,040 During the year, The Shirt Shop sold 730 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. Gross margin FIFO $ 4,500 LIFO Difference < Required A Required B >