Required information Exercise 5-5A 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: Jan. 28 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 438 units @ $ 7 - $3,010 230 units @ $ 9 - 2,070 310 units $ 12 - 3,720 120 units $ 14- 1,680 2 During the year. The Shirt Shop sold 900 T-shirts for $23 each Exercise 5-5A Part 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