Requlred information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 51 [The following information applies to the questions displayed bolow.] The Shint Shop had the following transactions for T-shirts for Year t. its first year of aperations: During the year, the Shirt shop sold boo T-shirts far 421 each. Exercise 55 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LifO cost flow assumptions