4 ! Part 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: 4 points Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 00:48:38 300 units 110 units 240 units 60 units @ $ 5 = $1,500 @ $ 6 = 660 @ $ 7 = 1,680 @ $ 8 = 480 eBook During the year, The Shirt Shop sold 510 T-shirts for $13 each. Print References b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin