Below are selected numbers extracted from Hamischfeger's Year X2 financial statements (numbers are in thousands) 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 Hamischfeger's Footnote on inventories is an follows (numbers in thousands) Inventories at October 31 consisted of the following: X2 X1 Finished goods $198, 160 $211, 555 Work-in-process and purchased parts 278, 671 170, 027 Raw materials 134, 448 106, 999 Total FIFO value 611, 279 488, 581 Less excess of current cost over (64, 164) (72, 186) stated LIFO value Inventories $547, 115 $416, 395 Inventories valued using the LIFO method represented approximately 56% and 80% of consolidated inventories at October 31, X2 and X1, respectively. Calculate foe Year X2: the gross margin percentage the current ratio inventory turnover Estimate the following number if Hamischfeger used FIFO for all inventories: the gross margin the current ratio inventory turnover Compare your answer in part a) and b) and comment