The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Purchased 460 units @ $ 6 Purchased 120 units $ 7 = $2,760 840 Purchased 220 units $ 9 = 1,980 Sept. 19 Purchased 90 units @ $10 = 900 During the year, The Shirt Shop sold 720 T-shirts for $15 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 Ending inventory Weighted Average < Required A Required B >