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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 Prchased490 units $ 8 $3,920 Apr. 21 Purchased 290 units 10 2,900 July 25 Purchased370 units e s 134,810 Sept. 19 Purchased 180 units 152,700 During the year, The Shirt Shop sold 1,080 T-shirts for $24 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

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