1 Suppose a Stone store in Elington, Missouri, ended November 2018 with 700,000 units of merchandise that cost $4 each. Suppose the st (Click the loon to view the purchase information.) Read the requirements Requirement 1.Calculate the store's gross profit under both FIFO and LIFO at December 31 FIFO LIFO Gross prot Requirement 2.What caused the FIFO and LIFO gross proft figures to differ? Gross profit under FIFO and LIFO difer because inventory costs during the period Data Table Dec 13 40,000 units@$2.10 24 60,000 unis $1.20 84,000 72.000 Print Done Caloulate the store's gross profl under both FIFO and LIFO at December 31 2. What caused the PIFO and UFO gross profit figures to diter? Print Done ach. Suppose the store then sold 110,000 units for $980,000 during Deoember. Further, assume the store made two large purchases during December as follows