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

Required information

[The following information applies to the questions displayed below.]

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

Jan. 20 Purchased 450 units @ $ 9 = $ 4,050
Apr. 21 Purchased 250 units @ $ 11 = 2,750
July 25 Purchased 330 units @ $ 14 = 4,620
Sept. 19 Purchased 140 units @ $ 16 = 2,240


During the year, The Shirt Shop sold 960 T-shirts for $25 each.

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

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