CHAPTER 8 - POST-CLASS ACTIVITY O 7 Cast Iron Grills, Inc., 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, 2021, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition: Unit Cost Units 8,600 5,500 9,000 3 points 900 1.000 eBook Print References The replacement cost of the grills throughout 2022 was 51100. Cast Iron sold 42,000 grills during 2022. 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 2022 under two different assumptions. First, that Cast Iron purchased 43,000 units and, second, that Cast Iron purchased 22,500 units during the year 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 43,000 units (as per the first assumption) and 22.500 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 tabs below. Reg 1 and 2 Re94 CHAPTER 8 - POST-CLASS ACTIVITY O 7 Cast Iron Grills, Inc., 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, 2021, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition: Unit Cost Units 8,600 5,500 9,000 3 points 900 1.000 eBook Print References The replacement cost of the grills throughout 2022 was 51100. Cast Iron sold 42,000 grills during 2022. 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 2022 under two different assumptions. First, that Cast Iron purchased 43,000 units and, second, that Cast Iron purchased 22,500 units during the year 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 43,000 units (as per the first assumption) and 22.500 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 tabs below. Reg 1 and 2 Re94 Units ar purchased 22,500 units during the year. 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 43,000 units (as per the first assumption) and 22,500 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 tabs below. Req 1 and 2 Reg 4 ook nt ences Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 under two different assumptions. First, that Cast Iron purchased 43,000 units and, second, that Cast Iron purchased 22,500 units during the year. (Round "Gross profit ratio answer to 1 decimal place (1.e., 0.123 needs to be entered as 12.3%.)) Purchased Units Gross Profit Gross Prolit Ratio 43,000 22,500 % Req 4 > APTER 8 - POST-CLASS ACTIVITY First, that cast iron purchased 43,000 units and second, that cast iron purchased 22,500 units during the year. 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 43,000 units (as per the first assumption) and 22,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. 7 Complete this question by entering your answers in the tabs below. ts Req 1 and 2 Heq 4 eBook Print Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 43,000 units (as per the first assumption) and 22,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. (Round "Gross profit ratio answer to 1 decimal place (I.e. 0.123 needs to be entered as 12.3%.)) Show less eferences Gross Profit Gross Profit Ratio Purchased Units 43,000 22.500 %