10 Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements 0.5 points The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Parehased Purchased Purchased 310 units 150 units 210 units 90 units e 2 $7 - $2,170 $ 9- $10 2,100 $12 = 1,080 1,350 During the year, The Shirt Shop sold 560 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. Answer is not complete. Complete this question by entering your answers in the tabs below. YARALI WYMIAUSIUI 10 Required 0.5 points 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, Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B 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. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) LIFO FIFO Weighted Average $5,000 $4,220 $ $ 1,764 Ending inventory Required A Required B >