The Shirt Shop had the following transactions for T$-$shirts for Year $1,$ its first year of operations:

January $20$ Purchased $330$ units @ $$4=$ $ $1,320$

April $21$ Purchased $80$ units @ $$6=480$

July $25$ Purchased $220$ units @ $$8=1,760$

September $19$ Purchased $70$ units @ $$10=700$

During the year, The Shirt Shop sold $530$ T$-$shirts for $$15$ each.

Exercise $5-5($Algo$)$ Part b

b$.$ Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.