The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased 390 units 110 units $3 $1,170 $4 440 July 25 Purchased 230 units $6 1,380 Sept. 19 Purchased 90 units @ $8- 720 During the year, The Shirt Shop sold 620 T-shirts for $13 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. www 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 cos assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and fi answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory $1,380 $ 905