[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 Purchased 480 units @ $9 = $4,320 280 units @ $ 11 - 3,080 360 units @ $ 14 - 5,040 170 units @ $ 16. 2,720 During the year, The Shirt Shop sold 1.050 T-shirts for $25 each! c. Compute the difference in gross marcin between the FIFO and LIFO cost flow assumptions Difference in gross margin between the FIFO and LIFO cost flow assumptions