Suppose a Robak store in Ottawa, Ontario, ended November 2020 with 700,000 units of merchandise that cost an average of 58 each. Suppose the store then sold 550,000 units for $4.9 million during December. Further, assume the store made two large purchases during December as follows: December 14 150,000 units @ $ 7 = $ 1,050,000 27 200,000 units @ $ 6 $ 1,200,000 Required 1. At December 31, the store manager needs to know the store's gross profit under both FIFO and weighted-average cost. Supply this information. Robak uses the periodic inventory system. 2. What caused the FIFO and weighted-average cost gross profit figures to differ? Requirement 1. At December 31, the store manager needs to know the store's gross profit under both FIFO and weighted-average cost. Supply this information. Robak uses the periodic inventory system. (Round all calculations to one decimal place.) Millions Weighted- Average-Cost FIFO Gross profit Sales revenue Cost of goods sold Gross profit