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 450 units @ $ 9 = 250 units @ $ 11 = 330 units @ $ 14 = 140 units $ 16 - $4,050 2,750 4,620 2,240 During the year, The Shirt Shop sold 960 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions