The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations Jan. 20 Apr. 21 Purchased Purchased 330 units $7 $2,310 150 units 58 1,200 July 25 Purchased 240 units $10 Sept. 19- Purchased 60 units $12- 2,400 720 During the year, The Shirt Shop sold 620 T-shirts for $17 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