EVERYTHING WAS CORRECT EXCEPT THE BLANK ABOVE.

I TRIED 900.1 FOR KW STEEL & 860.2 FOR WARETOWN STEEL BUT THAT WAS INCORRECT AND I HAVE TRIED 3384.7 FOR KW AND 2724 FOR WATERTOWN STEEL WHICH WAS ALSO INCORRECT.

PLEASE HELP AND SHOW WORK FOR ONLY THAT PART!

Excercise 9-12 Converting LIFO to FIFO (LO9-5) KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW's major competitor, instead uses the FIFO method. The following are excerpts from each company's 2017 financial statements: Waretown Steel 2017 2016 708.2 $ 688.6 $ ($ in millions) Balance sheet inventories LIFO reserve Sales Cost of Goods sold KW Steel Corp. 2017 2016 $ 797.6 $ 692.7 378.0 334.9 4,284.8 4,029.7 3,427.8 3,226.5 3,584.2 2,724.0 3,355.8 2,617.5 Required: 1. Compute each company's 2017 gross margin percentage and inventory turnover using cost of goods sold as reported by each company. For each ratio, how does KW Steel compare to Waretown Steel? 2. Restate KW's cost of goods sold and inventory balances to the FIFO basis. On the basis of its adjusted data, recompute KW's gross margin percentage and inventory turnover. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute each company's 2017 gross margin percentage and inventory turnover using cost of goods sold as reported by each company. (Round your answers to 1 decimal places.) KW Steel Corp. 20.01% 4.6 Waretown Steel 24.01% Gross margin percentage Inventory turnover 3.9 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Restate KW's cost of goods sold and inventory balances to the FIFO basis. On the basis of its adjusted data, recompute KW's gross margin percentage and inventory turnover. (Round your answers to 1 decimal places.) KW Steel Corp. Waretown Steel Cost of goods sold (FIFO) Gross margin rate Inventory turnover 21.01% 24.01% 3.9 3.1 Required 1 Required 2 >