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: {:[" January 20 "," Purchased "440" units @ "$9=,$3","960],[" April 21 "," Purchased "130" units @ "$11=,1","430],[" July 25 "," Purchased "240" units @ "$12=,2","880],[" September 19 "," Purchased "70" units @ "$13=,910]:} During the year, The Shirt Shop sold 710 T-shirts for $18 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin