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, 2018, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): 7,200 5,100 8,200 800 900 1,000 The replacement cost of the grills throughout 2019 was $1,100. Cast Iron sold 38,000 grills during 2019. The company's selling price is set at 200% of the current replacement cost. Required: 1. &2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2019 under two different assu First, that Cast Iron purchased 39,000 units and, second, that Cast Iron purchased 20,500 units during the year 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2019 assuming that Cast Iron purchased 39,000 units (as per the first assumption) and 20,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 4 Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2019 assuming that Cast Iron purchased 39,000 units (as per the first assumption) and 20,500 units (as per the uses the FIFo inventory cost method rather than the EIFO method. (Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3% assumption) during the year and 20,500 K Req 1 and 2