March 12 8 Suppose a Waldorf store in Ottawa, Ontario, ended February 2020 with 800,000 units of merchandise that cost an average of $9 each. Suppose the store then sold 750,000 units for $6.9 million during March. Further, assume the store made two large purchases during March as follows: 160,000 units @ $ $ 1,280,000 25 410,000 units @ $ 7 $ 2,870,000 Required 1. At March 31, the store manager needs to know the store's gross profit under both FIFO and weighted-average cost. Supply this information. Waldorf uses the periodic inventory system. 2. What caused the FIFO and weighted average cost gross profit figures to differ? Requirement 1. At March 31, the store manager needs to know the store's gross profit under both FIFO and weighted average cost. Supply this information. Waldorf uses the periodic inventory system. (Round all calculations to one decimal place.) Millions Weighted- Average-Cost Gross profit: Sales revenue FIFO Cost of goods sold Gross profit Choose from any list or enter any number in the input fields and then click Check Answer . 12