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Suppose a store in Denver, Colorado, ended November 2016 with 800,000 units of merchandise that...

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Suppose a store in Denver, Colorado, ended November 2016 with 800,000 units of merchandise that cost an average of $5 each. Suppose the store then sold 600,000 units for $5.2 million during December. Further, assume the store made two large purchases during December as follows: December 11 200,000 units @ $4.00 = 800,000 500,000 units @ $3.00 = 1,500,000 December 24 a. On December 31, the store manager needs to know the store's gross profit under both FIFO and LIFO methods. Supply information. What caused the FIFO and LIFO gross profit figures to differ? (in detail) b

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