The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 201 Apr. 21 Purchased 440 units @ $9 $3,960 Purchased 150 units $10 1,500 July 25 Purchased 240 units $11 2,640 Sept. 19 Purchased 80 units @ $12- 960 During the year, The Shirt Shop sold 720 T-shirts for $17 each Required 6. 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