The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 201 Purchased Apr. 21 July 25 400 units $ 4 = $1,600 Purchased Purchased 90 units $ 5 = 450 250 units @ Sept. 19 Purchased 60 units $ 7 = $9 = 1,750 540 During the year, The Shirt Shop sold 650 T-shirts for $14 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 difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference < Required A Required B >