Problem 8-11 Inventory cost flow methods: LIFO liquidation; ratios [LO8-4, 8-6, 8-71 Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its grill inventory. Cast Iron's December 31, 2013, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): Units Unit Cost 8.200 $700 5.600 800 9.200 900 The replacement cost of the grills throughout 2014 was $1,000. Cast Iron sold 43,000 grills during 2014. The company's selling price is set at 200% of the current replacement cost