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 310 units @ $ 7 = $2,170 Apr. 21 Purchased 150 units @$ 9 = 1,350 July 25 Purchased 210 units @ $10 = 2,100 Sept. 19 Purchased 90 units $12 = 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference