Required Informatlon [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....

Extracted text: Required Informatlon [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. Purchased 50e units @ $ 7 = Purchased 3e0 units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 January 20 April 21 July 25 September 19 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptlons. Difference in gross margin between the FIFO and LIFO cost flow assumptions