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In: AccountingCast Iron Grills, Inc., manufactures premium gas barbecuegrills. The company reports inventory and cost of...Cast Iron Grills, Inc., manufactures premium gas barbecuegrills. The company reports inventory and cost of goods sold basedon calculations from a LIFO periodic inventory system. Cast Iron’sDecember 31, 2021, fiscal year-end inventory consisted of thefollowing (listed in chronological order of acquisition):UnitsUnit Cost8,800$6005,9007009,800800The replacement cost of the grills throughout 2022 was $900. CastIron sold 46,000 grills during 2022. The company's selling price isset at 200% of the current replacement cost.Required:1. & 2. Compute the grossprofit (sales minus cost of goods sold) and the gross profit ratiofor 2022 under two different assumptions. First, that Cast Ironpurchased 47,000 units and, second, that Cast Iron purchased 24,500units during the year.4. Compute the gross profit (sales minus cost ofgoods sold) and the gross profit ratio for 2022 assuming that CastIron purchased 47,000 units (as per the first assumption) and24,500 units (as per the second assumption) during the year anduses the FIFO inventory cost method rather than the LIFOmethod.