Cast 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): Units 8,400 5,700 9,400 Unit Cost $ 800 900 1,000 Check my work A The replacement cost of the grills throughout 2025 was $1,100. Cast Iron sold 44,000 grills during 2025. 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 2025 under two different assumptions. First, that Cast Iron purchased 45,000 units and, second, that Cast Iron purchased 23,500 units during the year. 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 assuming that Cast Iron purchased 45,000 units (as per the first assumption) and 23,500 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

Cast 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 ocquisition): The replacement cost of the grills throughout 2025 was $1,100. Cast lron sold 44,000 grills during 2025 . 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 2025 under two different assumptions. First, that Cast Iron purchosed 45,000 units and, second, that Cast lron purchosed 23,500 units during the year: 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 assuming that Cast lron purchased 45,000 units (as per the first assumption) and 23,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. 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 45,000 units and, second, that Cast Iron purchasdd 23,500 units during the year. Note: Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3 .) Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 assuming that Cast Iron purchased 45,000 units (as per the first assumption) and 23,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. Note; Round "Gross profit ratio" answer to 1 decimal place (i.e, 0.123 needs to be entered as 12.3. )