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 | 400 | units | @ | $ | 4 | = | $ | 1,600 | |
| Apr. 21 | Purchased | 90 | units | @ | $ | 5 | = | 450 | ||
| July 25 | Purchased | 250 | units | @ | $ | 7 | = | 1,750 | ||
| Sept. 19 | Purchased | 60 | units | @ | $ | 9 | = | 540 | ||
During the year, The Shirt Shop sold 650 T-shirts for $14 each.
Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
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