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

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Accounting

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:
During the year, The Shirt Shop sold 620 T-shirts for $13 each.
b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
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