Lopez Company sells chairs that are used at computer stations. Its beginning inventory of chairs in Year 1 was 100 units at $60 per unit. During the year, Lopez made two purchases of this chair. The first was a 150-units purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During Year 1, it sold 270 chairs at $120 each.

During Year 2, Lopez made two additional purchases of this chair. The first was a 100-unit purchase at $73 per unit; the second was a 300-unit purchase at $75 per unit. During Year 2, it sold 215 chairs at $125 each.

Lopez applies the FIFO cost flow assumption.

*Looking for gross profit and ending inventory for both years