56-11, (Learning Objective 4: Compute ratio data to evaluate operations) Fairbanks Company made sales of $24,600 million during 2018. Cost of goods sold for the year totaled $9,840 million. At the end of 2017, Fairbanks' inventory stood at $1,000 million, and Fairbanks ended 2018 with inventory of $1,400 million. Compute Fairbanks' gross profit percentage and rate of inventory turnover for 2018