Send 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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchaned 400 units 130 units 250 units 100 unita e s 4 - $1,600 $6 780 $ 2.000 e $ 10 - 1.000 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