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Accounting

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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:
Jan. 20 Purchased 410 units @ $ 12= $ 4,920
Apr. 21 Purchased 130 units @ $ 13=1,690
July 25 Purchased 230 units @ $ 14=3,220
Sept. 19 Purchased 80 units @ $ 15=1,200
During the year, The Shirt Shop sold 680 T-shirts for $20 each.
b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

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