a. Calculate for Year X2: i) the gross margin percentage ii) the current ratio iii) inventory turnover b. Estimate the following numbers if Schwin used FIFO for all inventories: i) the gross margin ii) the current ratio iii) inventory turnover

Below are selected numbers extracted from Schwin's Year X2 financial statements (numbers are in thousands). 1 X2 X1 Sales $2,887,570 $2,184,287 COGS $2,166,775 $1,671,932 Current assets $1,410,250 $1,213,390 Current liabilities $1,077,127 $ 723,303 t 1 Schwin's Footnote on inventories is as follows (numbers in thousands): 1 Inventories at October 31 consisted of the following Year: X2 X1 e - Inventory at FIFO Value Less: LIFO Reserve $611,279 $488,5812 (64,164) (72,186) Inventories reported at LIFO Value $547,115e $616,395