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: @$10-$3,300 Jan. 20 Purchased 330 units Apr. 21 July 25 Purchased 80 units @$ 11- Purchased 210 units @$ 13- 880 2,730 Sept. 19 Purchased 60 units @$ 14- 840 During the year, The Shirt Shop sold 520 T-shirts for $19 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Gross margin $ 4,270 Difference