Top Save & ERIT 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 330 units 90 units 210 units B@ units e e $5 - $1,650 $6 540 58 = 1,680 $18= Bee 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 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, bassuming the following cost flow assumptions: (1) FIFO (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Ending inventory Required > Jan. Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 90 units 210 units 80 units @ @ @ $ 6 $ 8 = $10 = 1,680 800 During the year. The Shirt Shop sold 530 T-shirts for $15 each. nces Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following ce 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. FIFO LIFO Difference Gross margin