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D (omen / c 4-; 5* r E] https eztomheducationcom '- AF'erfcwrmante EMail berry Home N Blackboard a tie Email in tinkedln Indeed Thrift Savings Plan Gongle '- Otherfavorites Chapter 08 0 Saved Help Saves Exit Submit Check my work made : This shows what is correct or incorrect for the work you have completed so far. II does not indieute campieti Return to question Cast Iron Grills, |nc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast lron's December 31, 2021. fiscal yeareend inventory consisted of the following (listed in chronological order of acquisition): 3 poms Units Unit Cost 9, we 1 see 6, 989 see 16,986 768 The replacement cost of the grills throughout 2022 was $800. Cast Iron sold 47,000 grills during 2022. The company's selling price is set at 200% ofthe current replacement cost. Required: 1. & 2. Compute the gross prot (sales minus cost ofgoods sold) and the gross profit ratio for 2022 under two different assumptions. First. that Cast Iron purchased 48.000 units and, second. that Cast Iron purchased 25,000 units during the year. 4. Compute the gross profit (sales minus cost of goods sold) and the gross prot ratio for 2022 assuming that Cast Iron purchased 48,000 units (as per the first assumption) and 25,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. ' 8 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. l Dian 1 =an 7 nanA ' A screenshot was added to your Dropbox. Mc Graw Dropbox Hill ducation Type here to search 10:08 27/09/2020