Ired: 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 under two different assumptions. that Cast Iron purchased 36,000 units and, second, that Cast Iron purchased 19,000 units during the year ompute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased poo unlts (as per the first assumption) and 19,000 units (as per the second assumption) during the year and uses the FIFO Inventory 1 method rather than the UFO method Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg4 Compute the gross profit (sales minus cost of goods sold) and the gross proftratio for 2022 under two different assumptions. First, that Cast Iron purchased 36,000 units and, second, that Cast Iron purchased 19,000 units during the year . (Round Gross profit ratio answer to 1 decimal place (1.0.0.123 needs to be entered as 12.3%) Purchased Gross Units Pro Gross Profit Ratio 36.000 $20.000.000 500 19.000 $29.300.000 523 Reg4 > Required: .& 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 36,000 units and, second, that Cast iron purchased 19,000 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 36,000 units (as per the first assumption) and 19,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Paeg 4 Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 36,000 units (as per the first assumption) and 19,000 units (as per the second assumption) during the year and uses the FIFO Inventory cost method rather than the LIFO method. (Round "Gross proftratio answer to 1 decimal place (le, 0.123 needs to be entered as 12,3%)) Show less Purchased Units 36.000 19.000 Gross Profit Gross Profit Ratio $ 31,700 56.6% $ 31,700 3 56.6% Roland 2 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): Units Unit Cost 6,600 *500 4800 600 7,600 700 The replacement cost of the grills throughout 2022 was $800. Cast iron sold 35,000 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 36,000 units and, second, that Cast Iron purchased 19,000 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 36,000 units (as per the first assumption) and 19,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method Answer is complete but not entirely correct. Camilate this instinn hantarina Althout halus
