Cast Iron Grills, Inc., manufactures premlum gas barbecue grills. The company uses a perlodic 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 (isted In chronological order of acquisltion): Units Unit Cost 7,488 5,286 8,488 $ 900 1,808 1,100 The replacement cost of the grills throughout 2019 was $1,200. Cast Iron sold 39.000 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 ratlo for 2019 under two different assumptions. First, that Cast Iron purchased 40,000 unlts and, second, that Cast Iron purchased 21,000 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 40,000 unlts (as per the first assumption) and 21,000 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 40,000 units and, second, that Cast Iron purchased 21,000 units during the year (Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.396.)) ss Profit 40,000 $ 48,800,000 21,000 50.01 %