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 urchased 520 units @ $ 9 - $ 4,680 320 units @ $ 11 - 3,520 400 units @ $ 14 - 5,600 210 units e $ 16 = 3,360 During the year, The Shirt Shop sold 1,170 T-shirts for $25 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