question

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. January 20 April 21 July 25 September 19 Purchased 520 units @ $ 9- Purchased 320 units e $11 - Purchased 400 units e $14 - Purchased 210 units @ $16 - $4,680 3,520 5,600 3,360 During the year, The Shirt Shop sold 1,170 T-shirts for $25 each c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions