! 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 Purchased 430 units @ $7 = Purchased 230 units @ $9 = Purchased 310 units $12 = Purchased 120 units @ $14 = September 19 During the year, The Shirt Shop sold 900 T-shirts for $23 each. $3,010 2,070 3,720 1,680 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

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. During the year, The Shirt Shop sold 900 T-shirts for $23 each. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions