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 590 units $8 - $4,720 390 units e $10 - 3,900 470 units e$ 13 - 6,110 280 units $15 - 4,200 During the year, The Shirt Shop sold 1,380 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