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Beta Corp. has a consignmnet arrangement with Sands Corp. where Beta Corp. ships inventory to Sands Corp., Sands Corp. attempts to sell the merchandise, and, in return, Beta Corp. pays Sands Corp. a 20% sales commission on any merchandise sold. Both firms have fiscal years ending Dec. 31. During fiscal year 2020, Beta Corp. ships inventory with a cost of $102,500 to Sands Corp. By the end of the year, $78,000 of the merchandise has been sold to customers for a total of $108,400. What amount of inventory will Sands Corp. report at the end of fiscal year 2020 due to the arrangement with Beta Corp.? Multiple Choice $24,500 $0. $5,900. $20,500. Beta Corp. is identical to Sands Corp. except that Beta Corp. uses LIFO and Sands Corp. uses weighted average costs. In an extended period of rising inventory costs, Beta Corp.'s gross profit and inventory turnover ratio, compared to Sands Corp.'s, would be: Multiple Choice Gross profit: higher; Inventory turnover: lower. Gross profit: lower; Inventory turnover: higher. Gross profit: higher; Inventory turnover: higher. Gross profit: lower; Inventory turnover: lower. Beta Corp. reports the following pretax data for the first year of its operations: Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,880 2,350 740 15% 960 1, 110 What is Beta Corp.'s gross profit margin (rounded to the nearest whole percentage point) if it uses LIFO? Multiple Choice 62%. O 57%. O 27%. 52%