(Click the icon to view the purchase information.) Read the Requirement 1. Calculate the store's gross profit under both FIFO and LIFO at August 31. Requirement 2. What caused the FIFO and LIFO gross profit figures to differ? Gross profit under FIFO and LIFO differ because inventory costs Requirements Data table \begin{tabular}{ll} \hline Aug 8 & 20,000 units @$6.10=$122,000 \\ Aug 26 & 55,000 units @$5.20=$286,000 \\ \hline \end{tabular} during the period
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