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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:

Jan. 20	Purchased	530	units	@	$	8	=	$	4,240
Apr. 21	Purchased	330	units	@	$	10	=		3,300
July 25	Purchased	410	units	@	$	13	=		5,330
Sept. 19	Purchased	220	units	@	$	15	=		3,300

During the year, The Shirt Shop sold 1,200 T-shirts for $24 each.

c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.