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 440 units @ $ 8 = $3,520 240 units @ $ 10 = 2,400 320 units @ $ 13 - 4,160 130 units @ $ 15 - 1,950 During the year, The Shirt Shop sold 930 T-shirts for $24 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions, 350 Answer is complete but not entirely correct. Difference in gross margin between the FIFO and LIFO cost flow assumptions $
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