Analyzing Inventory Examining the recent financial statements of Etherington Fashion Corporation you note the following: Sales $754,693 Cost of goods sold: Computed under FIFO 530,000 Computed under LIFO 555,400 Average Inventory: Computed under FIFO 76,900 45,800 Computed under LIFO Required: 1. Calculate Etherington's gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell Inventory (assume a 365-day year and round to two decimal places) using the FIFO inventory costing method. Gross profit ratio Inventory turnover ratio Average days to sell inventory % days 2. Calculate Etherington's gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to two decimal places) using the LIFO inventory costing method. Gross profit ratio % Inventory turnover ratio Computed under FIFO 530,000 Computed under LIFO 555,400 Average inventory: Computed under FIFO Computed under LIFO 76,900 45,800 Required: 1. Calculate Etherington's gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell Inventory (assume a 365-day year and round to two decimal places) using the FIFO inventory costing method. Gross profit ratio % Inventory turnover ratio Average days to sell inventory days 2. Calculate Etherington's gross profit ratio (rounded to two decimal places), Inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to two decimal places) using the LIFO inventory costing method. Gross profit ratio Inventory turnover ratio Average days to sell inventory % days 3. Conceptual Connection: Which ratios-the ones computed using FIFO or LIFO inventory values-provide the better indicator of how successful Etherington was at managing and controlling its inventory? FIFO LIFO