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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): Units 7,600 5,300 8,600 Unit Cost $1,000 1,100 1,200 The replacement cost of the grills throughout 2025 was $1,300. Cast Iron sold 40,000 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 41,000 units and, second, that Cast Iron purchased 21,500 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 41,000 units (as per the first assumption) and 21,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. NOTE: on Req 1 and 2 the top one is correct, I need the rest of them though, thank you! Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 4 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 41,000 units and, second, that Cast Iron purchased 21,500 units during the year. Note: Round "Gross profit ratio answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3.) Purchased Units Gross Profit 41,000 $ 52,000,000 21,500 $ 52,300,000 Show Transcribed Text Req 1 and 2 Complete this question by entering your answers in the tabs below. Req 4 Purchased Units Gross Profit Ratio 50.0 % 50.3% Gross Profit Gross Profit Ratio < Req 1 and 2 Req 4 > Show less A

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): Units 7,600 5,300 8,600 Unit Cost $1,000 1,100 1,200 The replacement cost of the grills throughout 2025 was $1,300. Cast Iron sold 40,000 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 41,000 units and, second, that Cast Iron purchased 21,500 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 41,000 units (as per the first assumption) and 21,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. NOTE: on Req 1 and 2 the top one is correct, I need the rest of them though, thank you! Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 4 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 41,000 units and, second, that Cast Iron purchased 21,500 units during the year. Note: Round "Gross profit ratio answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3.) Purchased Units Gross Profit 41,000 $ 52,000,000 21,500 $ 52,300,000 Show Transcribed Text Req 1 and 2 Complete this question by entering your answers in the tabs below. Req 4 Purchased Units Gross Profit Ratio 50.0 % 50.3% Gross Profit Gross Profit Ratio < Req 1 and 2 Req 4 > Show less A

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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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): Units 7,600 5,300 8,600 Unit Cost $1,000 1,100 1,200 The replacement cost of the grills throughout 2025 was $1,300. Cast Iron sold 40,000 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 41,000 units and, second, that Cast Iron purchased 21,500 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 41,000 units (as per the first assumption) and 21,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. NOTE: on Req 1 and 2 the top one is correct, I need the rest of them though, thank you! Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 4 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 41,000 units and, second, that Cast Iron purchased 21,500 units during the year. Note: Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3.) Gross Profit Gross Profit Ratio 41,000 $52,000,000 50.0 % 21,500 $ 52,300,000 50.3 % Purchased Units Show Transcribed Text Req 1 and 2 Complete this question by entering your answers in the tabs below. Req 4 Purchased Units < Req 1 and 2 Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 assuming that Cast Iron purchased 41,000 units (as per the first assumption) and 21,500 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.) 41,000 21,500 Req 4 > Gross Profit Gross Profit Ratio < Req 1 and 2 Req 4 > Show less A
Transcribed Image Text: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): Units 7,600 5,300 8,600 Unit Cost $1,000 1,100 1,200 The replacement cost of the grills throughout 2025 was $1,300. Cast Iron sold 40,000 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 41,000 units and, second, that Cast Iron purchased 21,500 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 41,000 units (as per the first assumption) and 21,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method. NOTE: on Req 1 and 2 the top one is correct, I need the rest of them though, thank you! Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 4 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 41,000 units and, second, that Cast Iron purchased 21,500 units during the year. Note: Round "Gross profit ratio" answer to 1 decimal place (i.e., 0.123 needs to be entered as 12.3.) Gross Profit Gross Profit Ratio 41,000 $52,000,000 50.0 % 21,500 $ 52,300,000 50.3 % Purchased Units Show Transcribed Text Req 1 and 2 Complete this question by entering your answers in the tabs below. Req 4 Purchased Units < Req 1 and 2 Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 assuming that Cast Iron purchased 41,000 units (as per the first assumption) and 21,500 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.) 41,000 21,500 Req 4 > Gross Profit Gross Profit Ratio < Req 1 and 2 Req 4 > Show less A
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