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 460 units$8 $3,680 Apr.21Purchased 260 units10-2,600 July 25 Purchased340 units13 4,420 Sept. 19 Purchased 150 units$152,250 During the year, The Shirt Shop sold 990 T-shirts for $24 each c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions