IS. culate the store's gross profit under both FIFO and LIFO at October 31. FIFO LIFO i Data Table mat Oct 8 123,000 30,000 units @ $4.10 = 35,000 units @ $3.20 27 $ IF 112,000 Print Done on to view the purchase information.) Ements Calculate the store's gross profit under both FIFO and LIFO at October 31. FIFO LIFO i Requirements - What 1. Calculate the store's gross profit under both FIFO and LIFO at October 31. 2. What caused the FIFO and LIFO gross profit figures to differ? Her FIF Print Done Suppose a Dover store in Kansas City, Missouri, ended September 2018 with 1,000,000 units of merchandise that cost $6 each. Suppose the store then sold 100,000 units for $840,000 during October. Further, assume the store made two large purchases during October as follows: Click the icon to view the purchase information) Read the requirements Requirement 1. Calculate the store's gross profit under both FIFO and LIFO at October 31 FIFO LIFO Gross profit Requirement 2. What caused the FIFO and LIFO gross profit figures to differ? Gross profit under FIFO and LIFO differ because inventory costs during the period. decreased increased remained the same