Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 Skip to question [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: January 20 Purchased 330 units @ $7 = $ 2,310 April 21 Purchased 150 units @ $8 = 1,200 July 25 Purchased 240 units @ $10 = 2,400 September 19 Purchased 60 units @ $12 = 720 During the year, The Shirt Shop sold 620 T-shirts for $17 each. Exercise 5-5 (Algo) Part a 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. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount