The replacement cost of the grills throughout 2022 was $1,000. Cast Iron sold 27,000 grills during 2022. The company's selling price is set at 200% of the current replacement cost. Required: 1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 under two different assumptions. First, that Cast Iron purchased 28,000 units and, second, that Cast Iron purchased 15,000 units during the year. 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 28,000 units (as per the first assumption) and 15,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 41 Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 28,000 units (as per the first assumption) and 15,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. (Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3%.)) Purchased Units Gross Profit Gross Profit Ratio 28.000 15,000 > Show less A The statement of cash flows reported bad debt expense for 2021 of $8 million. The summary of significant accounting policies included the following notes ($ in millions): Accounts Receivable (in part) The allowance for uncollectible accounts was $10 and $7 at December 31, 2021 and 2020, respectively. All sales are on credit. Inventories Inventories are valued at the lower of cost or market. The cost of the majority of inventories is measured using the last-in, first-out (LIFO) method. Other inventories are measured principally at average cost and consist mostly of foreign inventories and certain raw materials. If the entire inventory had been valued on an average cost basis, inventory would have been higher by $480 and $350 at the end of 2021 and 2020, respectively. During 2021, 2020, and 2019, liquidation of LIFO layers generated income of $6, $7, and $25, respectively. Required: 1. Determine the amount of accounts receivable Inverness wrote off during 2021. (Enter your answer in millions.) 2. Calculate the amount of cash collected from customers during 2021. (Enter your answer in millions.) 3. Calculate what cost of goods sold would have been for 2021 if the company had used average cost to value its entire inventory. (Enter your answer in millions.) 4. Calculate the receivables turnover ratio, the inventory turnover ratio, and the gross profit ratio for 2021. (Round "Receivables turnover ratio" and "Inventory turnover ratio" answers to 2 decimal places. Round "Gross profit ratio" answer to nearest percent (i.e., 0.123 needs to be entered as 12%).) 1. Accounts receivable written off 2. Cash collections 3. Cost of goods sold 4a. Receivables turnover ratio: 4b. Inventory turnover ratio 4c. Gross profit ratio $ $ 5 million 6,127 million million times times %