Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [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 201 April 21 July 25 September 19 Purchased 400 units $8- Purchased 200 units $10- Purchased 280 units @ $13- Purchased 90 units @ $15- $ 3,200 2,000 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. margin FIFO LIFO Difference