Question: Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Required information [The following information applies to the questions displayed below]

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

Required information [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: During the yeat, The Shirt Shop sold 800 T-shirts for $21 each. . Compute the difference in gross margin between the FFOO and LIFO cost flow assumptions

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