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Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions...

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Accounting

Required information

[The following information applies to the questionsdisplayed below.]

The Shirt Shop had the following transactions for T-shirts forYear 1, its first year of operations:

Jan. 20Purchased530units@$8=$4,240
Apr. 21Purchased330units@$10=3,300
July 25Purchased410units@$13=5,330
Sept. 19Purchased220units@$15=3,300


During the year, The Shirt Shop sold 1,200 T-shirts for $24each.

c. Compute the difference in gross marginbetween the FIFO and LIFO cost flow assumptions.

Answer & Explanation Solved by verified expert
3.9 Ratings (433 Votes)
answer difference in gross margin between FIFO and LIFO cost flow assumtion is 5847 5191 656 1 gross margin under FIFO method gross    See Answer
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