Question: Compute the gross margin using the FIFO cost flow assumption. Required information [The following information applies to the questions displayed below.] The Shirt Shop had

Compute the gross margin using the FIFO cost flow assumption.

Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 units 150 units 200 units 100 units @ @ @ @ $ 8 = $3,200 $10 = 1,500 $12 = 2,400 $14 = 1,400 During the year, The Shirt Shop sold 650 T-shirts for $19 each. b. Compute the gross margin using the FIFO cost flow assumption. FIFO Gross margin

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