Required information Exercise 5-5 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 2018, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 330 units 80 units 220 units 70 units GS 4 - @ $6 - G S 8 - $1,320 480 1,760 During the year, The Shirt Shop sold 530 T-shirts for $15 each Exercise 5-5 Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin