14. Modern Day Appliances, Inc. is a wholesaler of kitchen appliances. The company uses a periodic inventory system and the LIFO cost method. Modern Day's December 31,2016, fiscal year-end inventory of its main product, double-door stainless steel refrigerators, consisted of the following (listed in chronological order of acquisition) Units 100 200 300 Unit cost $750 800 850 The replacement cost of the refrigerators throughout 2017 was $900. Moderm Day sold 5,000 of these refrigerators during selling price throughout 2017 was $1,200. Required: 1. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2017 assuming that Modern Day purchased 5,200 units during the year. 2. Repeat requirement 1 assuming that Modern Day purchased only 4,500 units 3. For requirements 1 and 2, what amount of before-tax LIFO liquidation profit or loss would Modern Day report in its 2017 disclosure notes, if any assuming any calculated amount is material