2017 2018 $ 29,420 $ 32,620 10,385 14,995 Ending inventory at: FIFO Cost LIFO Cost Cost of goods sold at: FIFO Cost LIFO Cost Sales revenue $ 77,550 95,175 141,000 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2018 under 1. FIFO. 2. LIFO. 2. Which method produces a higher gross profit percentage? A higher inventory turnover? The Tully Shop had the following inventory data: (Click the icon to view the inventory data.) Read the fequirements Requirement 1. Tully need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Gross profit percentage % %