The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 Purchased 460 units @ $6 - Purchased 120 units @ $7= Purchased 220 units @ $9- September 19. Purchased 90 units @ $10 - $ 2,760 During the year, The Shirt Shop sold 720 T-shirts for $15 each. 840 1,980 900 Exercise 5-5 (Algo) Part a 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. Note: Round intermediate calculations to 2 decimal places and anal answers to nearest whole dollar amount. FIFO LIFO Weighted Average Ending inventory $ 2,550 b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference