This one is Part - 1 and 2

Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-6 {The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 150 units 200 units 100 units $8 - $3,200 $10 - 1,500 $12 - 2,400 $14 1,409 During the year, The Shirt Shop sold 650 T-shirts for $19 each. Exercise 5-20 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. Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount FIFO LIFO Weighted Average Ending inventory Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-6 (The following information applies to the questions displayed below) The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 150 units 200 units 100 units $ 8. $3,200 $10 1,500 $12 2,400 $14- 1,400 During the year, The Shirt Shop sold 650 T-shirts for $19 each Exercise 5-20 Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin