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: 4 - Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 90 units 250 units 60 units $ @ $ 5 @ $7 1 $1,600 450 ,750 540 During the year, The Shirt Shop Sold 650 T-shirts for $14 each Exercise 5-5 Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO UFO Difference Gross margin