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

C 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: January 20 April 21 July 25 September 19 Purchased 4e units @ $4 Purchased 9 units @ $5 Purchased 25 units @ $7 Purchased 6 units @ $9 $ 1,60 45e During the year, The Shirt Shop sold 650 T-shirts for $14 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. rence Gross margin