! 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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 420 units @ $ 8 = 220 units @ $ 10 300 units @ $ 13 = 110 units @ $ 15 = $3,360 2,200 3,900 1,650 During the year, The Shirt Shop sold 870 T-shirts for $24 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