! 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: ed Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units 130 units 250 units 100 units @ $ 4 = $1,600 @ $ 6 - 780 @ $ 8 = 2,000 @ $ 10 1,000 During the year, The Shirt Shop sold 720 T-shirts for $15 each. at ences b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin