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  3. the shirt shop had the following transactions for

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year...

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Accounting

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

Jan. 20 Purchased 510 units @ $ 9 = $ 4,590
Apr. 21 Purchased 310 units @ $ 11 = 3,410
July 25 Purchased 390 units @ $ 14 = 5,460
Sept. 19 Purchased 200 units @ $ 16 = 3,200

During the year, The Shirt Shop sold 1,140 T-shirts for $25 each.image

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 510 units @ $ 9 = $4,590 310 units @ $ 11 = 3,410 390 units @ $ 14 = 5,460 200 units @ $ 16 = 3,200 During the year, The Shirt Shop sold 1,140 T-shirts for $25 each. 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

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