Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company us

Question

Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its grill inventory. Cast Iron’s December 31, 2013, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): Units Unit Cost 8,600 $ 900 5,800 1,000 9,600 1,100 The replacement cost of the grills throughout 2014 was $1,200. Cast Iron sold 45,000 grills during 2014. The company’s selling price is set at 200% of the current replacement cost.

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Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company us

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