The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 Purchased 400 units @ $ 8 = $3,200 Purchased 150 units @ $10 = 1,500 July 25 Purchased 200 units @ $12 = 2,400 Sept. 19 Purchased 100 units @ $14 = 1,400 During the year, The Shirt Shop sold 650 T-shirts for $19 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.