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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.

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

Reference no: EM132758419

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