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: Jart. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 460 units @ $ 6 = $2,760 120 units @ $ 7 = 848 220 units @ $ 9 = 1,980 90 units @ $10 = 900 During the year, The Shirt Shop sold 720 T-shirts for $15 each b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin