Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units 130 units 230 units 80 units @ $ 12 = $4,920 @ $ 13 = 1,690 @ $ 14 = 3,220 @ $ 15 - 1,200 During the year, The Shirt Shop sold 680 T-shirts for $20 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin