4.	Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2014 assuming that Cast Iron purchased 44,000 units (as per part 1) and 23,000 units (as per part 2) during the year and uses the FIFO inventory cost method rather than the LIFO method. (Round your gross profit ratio to 1 decimal place.)

15 12.00 points Problem 8-11 Inventory cost flow methods: LIFO liquidation; ratios [LO8-4, 8-6, 8-71 Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its grill inventory. Cast Iron's December 31, 2013, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): Units Unit Cost 8.200 $700 5.600 800 9.200 900 The replacement cost of the grills throughout 2014 was $1,000. Cast Iron sold 43,000 grills during 2014. The company's selling price is set at 200% of the current replacement cost