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 480 units 140 units 240 units 100 units @ $11 = $5,280 @ $13 = 1,820 @ $ 15 = 3,600 @ $ 16 = 1,600 During the year, The Shirt Shop sold 800 T-shirts for $21 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin