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 550 units @ $10 = $5,500 Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 350 units @ 430 units @ $ 12 = $ 15 = 4,200 6,450 240 units @ $ 17 = 4,080 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