Exercise $5-5$A $($Static$)$ Effect of inventory cost flow on ending inventory balance and gross margin LO $5-1$

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The Shirt Shop had the following transactions for T$-$shirts for Year $1,$ its first year of operations.

January $20$Purchased $400$ units @ $$8=$$ $3,200$April $21$Purchased $200$ units @ $$10=2,000$July $25$Purchased $280$ units @ $$13=3,640$September $19$Purchased $90$ units @ $$15=1,350$

During the year, The Shirt Shop sold $810$ T$-$shirts for $$20$ each.

Exercise $5-5$A $($Static$)$ Part c

c$.$ Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.