Question: Burner & Brett, a partnership, had the following inventory data: Burner & Brett need to know the company's gross profit percentage and rate of inventory

Burner & Brett, a partnership, had the following inventory data:

Burner & Brett need to know the company's gross profit percentage and rate of inventory turnover for 2016 under
1. FIFO.
2. LIFO.
Which method produces a higher gross profit percentage? Inventory turnover?

2015 2016 Ending inventory at: FIFO Cos. $24,920 S 33,500 LIFO Cost... 12,500 20,160 Cost of goods sold at S 87,630 97,980 138,000 FIFO Cost

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