Chapter 5 Homework 6 Part 2 of 2 12.5 point 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 930 OLLA $3,936 Jan. 20 Apr. 21 Purchased 110 $201,100 July 2 Purchased 250 unite $325,000 Sept. 1 Piece 89333,190 eflook 14 10 During the year, The Shirt Shop sold 760 T-shirts for $18 each b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions FIFO LIFO Difference Rec Gross margin