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, 2016, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition) 8,600$ 900 5,800 9,600 1,000 1,100 The replacement cost of the grills throughout 2017 was $1,200. Cast Iron sold 45,000 grills during 2017. The company's selling price is set at 200% of the 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 46,000 units during the year Answer is complete and correct. 54,000,000 Gross profit Gross profit ratio 50 96 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2017 assuming that Cast Iron purchased only 24,000 units during the year. (Round "Gross profit ratio" answer to 1 decimal place (ie, 0.123 needs to be entered as 12.3%.)) 3 Answer is complete but not entirely correct. Gross profit 24,100,000 Gross profit ratio