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 570 units @ $ 10 = 370 units @ $ 12 = 450 units @ $ 15 = 260 units @ $ 17 = $5,700 4,440 6,750 4,420 During the year. The Shirt Shop sold 1,320 T-shirts for $26 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