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: During the year, The Shirt Shop sold 710 T-shirts for $18 each. Exercise 5-5 (Algo) Part b b, Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions