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Compute the difference in gross margin

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Reference no: EM131691971

Question - The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:

Jan. 20

Purchased

400 units

@   $8 = $3,200

Apr. 21

Purchased

200 units

@   $10 = 2,000

July 25

Purchased

280 units

@  $13 = 3,640

Sept. 19

Purchased

90 units

@  $15 = 1,350

During the year, The Shirt Shop sold 810 T-shirt for $20 each.

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

Reference no: EM131691971

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