The Shirt Shop had the following transactions for T-shirts for Year 1. Its first year of operations Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 370 units 140 units 220 units 100 units $12 $4,440 $13 - 1,820 $15 - 3,300 $16 - 1,600 During the year, The Shirt Shop sold 690 T-shirts for $21 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