(Answered) Question - the shirt shop had the following transactions

Accounting

Question - The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:

Jan. 20	Purchased	400 units	@ $8 = $3,200
Apr. 21	Purchased	200 units	@ $10 = 2,000
July 25	Purchased	280 units	@ $13 = 3,640
Sept. 19	Purchased	90 units	@ $15 = 1,350

During the year, The Shirt Shop sold 810 T-shirt for $20 each.

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

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