Uuestion Help Suppose a Sears store in Ottawa, Ontario, ended November 2020 with 750,000 units of merchandise that cost an average of $9 each. Suppose the store then sold 700.000 units for $6.5 milion during December Further, assume the store made two large purchases during December as follows: December 10 140.000 units @ $ 8 - $ 1,120,000 26 500,000 units @ $ 7 = $3,500,000 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 Sears uses the periodic inventory system 2. What caused the FIFO and weighted average cost gross profit figures to differ? Millions Weighted Gross profit FIFO Average-Cost Gross profit