Units Unit Cost 7,000 . $ 700 5 , 000 800 8, 000 900 The replacement cost of the grills throughout 2025 was $1,000. Cast Iron sold 37,000 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 38,000 units and, second, that Cast Iron purchased 20,000 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 38,000 units (as per the first assumption) and 20,000 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. es Req 1 and 2 Req 4 Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 assuming that Cast Iron purchased 38,000 units (as per the first assumption) and 20,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. Note: Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3.) Show less A Purchased Units Gross Profit Gross Profit Ratio 38,000 % 20,000 %