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) Unit Cost Units 7,000 5,000 8,000 $ 700 800 900 The replacement cost of the grills throughout 2019 was $1,000. Cast Iron sold 37,000 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 assumptions First, that Cast Iron purchased 38,000 units and, second, that Cast Iron purchased 20,000 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 38,000 units (as per the first assumption) and 20,000 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 under two different assumptions First, that Cast Iron purchased 38,000 units and, second, that Cast Iron purchased 20,000 units during the year. (Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3%.)) Purchased Units Gross Profit Gross Profit Ratio 38,000 37,000,000 20,000 50.01%