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0 Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $3,200 Apr. 21 Purchased 200 units $10 = 2,000 July 25 Purchased 280 units @ $133,640 Sept. 19 Purchased 90 units @ $ 15 - 1,350 During the year. The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions (1FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FITO LIFO Weighted Average Ending inventory Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin

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