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

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Accounting

[The following information applies to the questions displayedbelow.] The Shirt Shop had the following transactions for T-shirtsfor Year 1, its first year of operations: Jan. 20 Purchased 600units @ $ 7 = $ 4,200 Apr. 21 Purchased 400 units @ $ 9 = 3,600July 25 Purchased 480 units @ $ 12 = 5,760 Sept. 19 Purchased 290units @ $ 14 = 4,060 During the year, The Shirt Shop sold 1,410T-shirts for $23 each. c. Compute the difference in gross marginbetween the FIFO and LIFO cost flow assumptions.

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