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 Purchased 500 units 7 3,500 Apr. 21 Purchased 300 units 9 2,700 July 25 Purchased 380 units e 12 4,560 sept. 19 Purchased 190 units e $ 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. rence in gross margin between the FIFO and LIFO cost flow assumptions