IGNMENTS - CHAPTER 5 A Saved 6 ! art 3 of 3 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: oints Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 440 units @ $ 8 = $3,520 240 units @ $ 10 = 2,400 320 units @ $ 13 = 4,160 130 units @ $ 15 = 1,950 eBook During the year, The Shirt Shop sold 930 T-shirts for $24 each. Hint 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 References