Cast Iron Grills, Incghout $2025$ was $$1,000.$ CaCast Iron Grills, Incorporated, manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold

based on calculations from a LIFO periodic inventory system. Cast Iron's December $31,2024,$ fiscal year$-$end inventory consisted of the

following $($listed in chronological order of acquisition$)$:

The replacement cost of the grills throughout $2025$ was $$1,000.$ Cast Iron sold $43,000$ grills during $2025.$ The company's selling price

is set at $200\%$ of the current replacement cost.

Required:

& $2.$ Compute the gross profit $($sales minus cost of goods sold$)$ and the gross profit ratio for $2025$ under two different assumptions.

First, that Cast Iron purchased $44,000$ units and, second, that Cast Iron purchased $23,000$ units during the year.

Compute the gross profit $($sales minus cost of goods sold$)$ and the gross profit ratio for $2025$ assuming that Cast Iron purchased

$44,000$ units $($as per the first assumption$)$ and $23,000$ 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 $2$

Compute the gross profit $($sales minus cost of goods sold$)$ and the gross profit ratio for $2025$ under two different assumptions.

First, that Cast Iron purchased $44,000$ units and, second, that Cast Iron purchased $23,000$ units during the year.

Note: Round "Gross profit ratio" answer to $1$ decimal place $($i$.$e$.,0\mathrm{.}123$ needs to be entered as $12\mathrm{.}3.)$