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Compute the difference in gross margin

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Question - 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 Purchased 460units @$6 = $2,760

Apr. 21 Purchased 120units @$7 = 840

July 25 Purchased 220units @$9 = 1,980

Sept. 19 Purchased 90units @$10 = 900

During the year, The Shirt Shop sold 720 T-shirts for $15 each.

Required - Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

Reference no: EM132767982

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