Cast Iron Grills Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its gr nventory. Cast Iron's December 31, 2016, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): I Units Unit Cost 7,600 $1,000 5,300 1,100 8,600 1,200 The replacement cost of the grills throughout 2017 was $1,300. Cast lron sold 40,000 grills during 2017. The companys selling price is set at 200% ofthe current replacement cost. Required 1. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2017 assuming that Cast Iron purchased 41,000 units during the year. Gross profit Gross profit ratio