Problem $8-11($Algo$)$ Inventory cost flow methods: LIFO liquidation; ratios $[$LO$8-4,8-6,8-7]$

Cast Iron Grills, Incorporated, manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron$$s December $31,2024,$ fiscal year$-$end inventory consisted of the following $($listed in chronological order of acquisition$)$:

UnitsUnit Cost$6,400$$ $4004,7005007,400600$

The replacement cost of the grills throughout $2025$ was $$700.$ Cast Iron sold $34,000$ grills during $2025.$ 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 $2025$ 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 $2025$ 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.