The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased Apr. 21 July 25 400 units @ $ 8 $3,200 Purchased 150 units @ $10 1,500 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. 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 >