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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 490 units @ $ 8 = $3,920 290 units @ $ 10 = 2,900 370 units @ $ 13 = 4,810 180 units @ $ 15 = 2,700 During the year, The Shirt Shop sold 1,080 T-shirts for $24 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