Bb Bb Bb G Bb Bb JIE PAP Bb Bb C I G C 5 / Bb CC CC GB x 9 + V X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fuic.blackboard.com%252Fwebapps%252Fblackboard... [ * I G Ch 8 HW Part B i Saved Help Save & Exit Submit Check my work 5 Problem 8-11 (Algo) Inventory cost flow methods: LIFO liquidation; ratios [LO8-4, 8-6, 8-7] 15 Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on points calculations from a LIFO periodic inventory system. Cast Iron's December 31, 2021, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): eBook Units Unit Cost 6,400 $ 400 Print 4,700 500 7,400 600 References The replacement cost of the grills throughout 2022 was $700. Cast Iron sold 34,000 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 35,000 units and, second, that Cast Iron purchased 18,500 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 35,000 units (as per the first assumption) and 18,500 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. Mc Graw Hill Type here to search O a 9:16 PM 994 W 51 OF ENG 10/26/2022Bb Bb Bb G Bb Bb JIE PAP Bb Bb C I G C 5 / Bb C C C C G Bb x 9 + V X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2525%252Fuic.blackboard.com%252Fwebapps%252Fblackboard... [ * I G Ch 8 HW Part B i Saved Help Save & Exit Submit Check my work 5 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 35,000 units and, second, that Cast Iron purchased 18,500 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 35,000 units (as per the first assumption) and 18,500 units (as per the second assumption) during the year and uses the FIFO inventory 15 cost method rather than the LIFO method. points Complete this question by entering your answers in the tabs below. eBook Print Req 1 and 2 Req 4 References 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 35,000 units and, second, that Cast Iron purchased 18,500 units during the year. (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 35,000 $ 25,200,000 51.0 % 18,500 % Mc Graw Hill Type here to search O o a 199 W * 2 51'F ENG 9:16 PM 10/26/2022