Suppose a Williams store in Madison, Missouri, ended July 2016 with 900,000 units of merchandise that cost $5 each. Suppose the store then sold 90,000 units for $570,000 during August. Further, assume the store made two large purchases during August as follows: Aug 9 28 30,000 units @ 55,000 units @ $3.10 = $2.20 = $ $ 93,000 121,000 Requirements 1. Calculate the store's gross profit under both FIFO and LIFO at August 31. 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 August 31. FIFO LIFO Gross profit 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