Required information Exercise 5-5A (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 Purchased 510 units $9- Purchased 310 units @ $11 - Purchased 390 units $4,590 3,410 $14- 5,460 Purchased 200 units $16 - 3,200 September 19 During the year, The Shirt Shop sold 1,140 T-shirts for $25 each. Exercise 5-5A (Algo) Part c c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions