Required information 12 [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 Purchased 440 units $9 $3,960 Apr. 21 Purchased. 150 units. 8 $10- 1,500 July 25 Purchased 240 units $11- 2,640 ook Sept. 19 Purchased 80 units $12- 960 nt int ences During the year, The Shirt Shop sold 720 T-shirts for $17 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin $ 5,350