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 550 units @ $ 10 - $5,500 350 units $ 12 - 4,200 430 units $15 - 6,450 240 units $ 17 - 4.000 During the year, The Shirt Shop sold 1,260 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