Suppose a Corse store in Hartville, Missouri, ended November 2018 with 800,000 units of merchandise that cost $4 each. Suppose the store then sold 110,000 units for $580,000 during December. Further, assume the store made two large purchases during December 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 December 31. FIFO LIFO X Data Table Gross profit Dec 8 $ 115,500 55,000 units @ $2.10 = 30,000 units @ $1.20 22 $ 36,000