Please donot provide answer in image format and it should be in step by step format and provide fast solution 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.January 20April 21July 25September 19$3,6902,600$10Purchased 460 units $8Purchased 260 unitsPurchased 340 units @ $13Purchased 150 units $15-During the year, The Shirt Shop sold 990 T-shirts for $24 each.4,4202,250c. 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

FIFO stands for first in first out.LIFO stands for Last in first out.The gross margin is calculated…

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. $3,600 2,600 4,420 2,250 January 20 April 21 July 25 September 19 Purchased 460 units $8 Purchased 260 units $10 Purchased 340 units @ $13 Purchased 150 units $15. During the year, The Shirt Shop sold 990 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