Suppose a Masterson store in Perryvile, Missouri, ended January 2021 with 550,000 units of merchandise that cost $6 each. Suppose the store then sold 110,000 units for $770,000 during February. Futher, assume the store made two large purchases during February 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 February 28 . Requirement 2. What caused the FIFO and LIFO gross profit figures to differ? Gross profit under FIFO and LIFO differ because inventory costs during the period Data table