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Compute the difference in gross margin in the fifo

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Reference no: EM131806636

The shirt shop had the following transactions for T-shirtsfor 2016, its first year of operations:

Jan. 20

Purchased 400 units @ $8

$3200

Apr. 21

Purchased 200 units @ $10

$2000

July 25

Purchased 280 units @ $13

$3640

Sept. 19

Purchased 90 units @ $15

$1350

During this year the shirt shop sold 810 T0shirts for $30each.

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

Reference no: EM131806636

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