Part 2 of 2 Required information Exercise 5-5 Effect of inventory cost flow on ending Inventory balance and gross margin LO 5-1 The following information applies to the questions displayed below.) 11.11 points 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 330 units 80 units 210 units 60 units @ $ 10 = @ $ 11 = @ $ 13 = @ $ 14 = $3,300 880 2,730 840 eBook Hint During the year, The Shirt Shop sold 520 T-shirts for $19 each. Print Exercise 5-5 Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. References FIFO LIFO Difference Gross margin