Suppose a Jones store in Dearborne, Missouri, ended March 2016 with 1,200,000 units of merchandise that cost $5 each. Suppose the store then sold 110,000 units for $780,000 during April. Further, assume the store made two large purchases during April as follows: 35,000 units @ $3.10 = $ Apr 10 108,500 45,000 units @ $2.20 99,000 26 = Requirements 1. Calculate the store's gross profit under both FIFO and LIFO at April 30. 2. What caused the FIFO and LIFO gross profit figures to differ? Requirement 1. Calculate the store's gross profit under both FIFO and LIFO at April 30. FIFO LIFO Sales revenue Cost of goods sold Gross profit