Help Save & Edit Submit Check my work 9 Part 2 of 2 Required information Exercise 5-5 (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 Tshirts for Year 1, its first year of operations: S Jan. 20 Purchased Apt. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 unit 451,600 130 units 780 250 units - 2,000 100 white $10 - 1.000 References During the year. The Shirt Shop sold 720 T-shirts for $15 each Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin