Required information [The following information applies to the questions displayed below.] The Shirt Shop had...
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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 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = $3,690 210 units @ $ 11 = 2,310 290 units @ $ 14 = 4,060 100 units @ $ 16 = 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions (0 O $8,100
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