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! 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: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 33e units 80 units 220 units 70 units @ $ 4 $1,320 @ $ 6- 489 $8- 1,760 $ 10- 700 During the year, The Shirt Shop sold 530 T-shirts for $15 each. int ence b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions, FIFO LIFO Difference Gross margin