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 500 units @ $ 7 = $3,500 300 units @ $ 9 2,700 380 units @ $ 12 = 4,560 190 units @ $ 14 - 2,660 During the year, The Shirt Shop sold 1,110 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