Required information Exercise 5-5A (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 Skip to question [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 20 Purchased 590 units @ $ 8 = $4,720 April 21 Purchased 390 units @ $10 = 3,900 July 25 Purchased 470 units @ $13 = 6,110 September 19 Purchased 280 units @ $15 = 4,200 During the year, The Shirt Shop sold 1,380 T-shirts for $24 each