2 of 2 Required information [The following information applies to the questions displayed below) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Dan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 370 units 140 units 220 units 100 units @ $ 12 @ $.13 @ $ 15 - @ $ 16 $4,440 1,820 3,300 1,600 ebook During the year, The Shirt Shop sold 690 T-shirts for $21 each Print eferences b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions FIFO LIFO Difference Gross margin