! 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 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 330 units @ $12 = $3,960 140 units 250 units @ $14 = @ $13 = 1,820 3,500 90 units @ $16 = 1,440 During the year, The Shirt Shop sold 630 T-shirts for $21 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference