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.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 units 200 units 280 units 90 units @ @ @ @ $ 8 = $ 10 = $ 13 = $ 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 Part 6 b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin