rt 2 of 2 93 Ints eBook Hint Print References Graw 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: $ 3,920 1,170 January 20 April 21 July 25 September 19 Purchased 490 units @ $8 Purchased 130 units @ $9 - Purchased 240 units @ $11 Purchased 80 units @ $13 During the year, The Shirt Shop sold 780 T-shirts for $18 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO Difference Prev 2,640 1,040 Sm www of 8 www Next

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: During the year, The Shirt Shop sold 780 T-shirts for $18 each. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions