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Part $2$ of $2$

Required information

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

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

$04$:$18$:$56$

Skipped

During the year, The Shirt Shop sold $650$ T$-$shirts for $$19$ each.

eBook

Exercise $5-5($Algo$)$ Part b

References

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

$\backslash$table$[[,$FIFO,LIFO,Difference$],[$Gross margin,,,$]]$