Homework: Chapter 6 Homework Save Score: 0 of 1 pt E6-23A (similar to) Suppose a Wiliams store in Filmore, Missouri ended July 2016 with 650,000 units of merchandise that 8 of 16 (10 complete Hw Score: 45.1%, 757 of 17 pts ,,estion Help * made two large purchases during August as follows cost $5 each. Suppose the store then sod 90,000 units for $860,000 during August Further, assume the store Aug 5 30,000 units @$3.10 93,000 24 25,000 units $2.20S55,000 Requirement 1. Calculate the store's gross profit under both FIFO and LIFO at August 31 2 What caused the FIFO and LIFO gross profe figures to difer Requirement 1. Caloulate the store's gross proft under both FIFO and LIFO at August 31 FIFO LIFO Sales revenue 660,000$ 660 000 Cost of goods sold450,000 210,000 Gross profi