The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.

January 20	Purchased 500 units @ $ 7 =	$3,500
April 21	Purchased 300 units @ $9 =	2,700
July 25	Purchased 380 units @ $12 =	4,560
September 19	Purchased 190 units @ $14 =	2,660

During the year, The Shirt Shop sold 1,110 T-shirts for $23 each.

1. 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
2. Record the above transactions in general journal form
   1. then post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use separate set of journal entries and t accounts.
3. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.