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. 201 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 600 units @ $ 7 = 400 units @ $ 9 = $4,200 3,600 480 units @ $ 12 = 5,760 290 units @ $ 14 = 4,060 During the year, The Shirt Shop sold 1,410 T-shirts for $23 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