Complete this question by entering your answers in the tabs below. Compute the amount of ending inventory The Shirt Shop would report on the balance assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calc answers to the nearest whole dollar amount.) The Shirt Shop had the following transactions for T-shints for Year 1, its first year of operations: During the year, The Shirt Shop sold 720 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: (D) FIFO. (2) UFO, and (3) weighted averoge. b. Compute the difference in gross margin between the FIFO and LIFO cost flow ostumptions Complete this question by entering your answers in the tabs below. o. Compute the difference in gross margin between the FIFO and LIFO cO Complete this question by entering your answers in the tabs below. Compute the difference in gross margin between the FIFO and LIFO cost flow
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