The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 330 units @ $ 4 = $1,320 Apr. 21 July 25 Purchased 80 units @ $ 6 = 480 Purchased 220 units @ $ 8 = 1,760 Sept. 19 Purchased 70 units @ $10 = 700 During the year, The Shirt Shop sold 530 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 difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference < Required A Required B