The Shirt Shop had the following transactions for T-shirts for 2018, its first year of...
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Accounting
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:
Jan. 20 Purchased 420 units @ $ 9 = $ 3,780
Apr. 21 Purchased 150 units @ $ 10 = 1,500
July 25 Purchased 230 units @ $ 12 = 2,760
Sept. 19 Purchased 80 units @ $ 13 = 1,040
During the year, The Shirt Shop sold 730 T-shirts for $18 each.
Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
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