Below are selected numbers extracted from Schwin's Year X2 financial statements (numbers are in thousands).

Year X2 X1

Sales $2,887,570 $2184,287

COGS $2,166,775 $ 1,671,932

Current Assets $1,410,250 $1,213,390

Current Liabilities $1,077,127 $723,303

Schwin's Footnote on inventories is as follows (numbers in thousands):

Inventories at October 31 consisted of the following

Year: X2 X1

Inventory at FIFO Value $611,279 $488,581

Less: LIFO Reserve (64,164) (72,178)

Inventories reported at LIFO Value $547,115 $416,403

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