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

Jan. 20	Purchased	510	units	@	$	9	=	$	4,590
Apr. 21	Purchased	310	units	@	$	11	=		3,410
July 25	Purchased	390	units	@	$	14	=		5,460
Sept. 19	Purchased	200	units	@	$	16	=		3,200

During the year, The Shirt Shop sold 1,140 T-shirts for $25 each.

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 510 units @ $ 9 = $4,590 310 units @ $ 11 = 3,410 390 units @ $ 14 = 5,460 200 units @ $ 16 = 3,200 During the year, The Shirt Shop sold 1,140 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