Examining the recent financial statements of Mclelland Clothing, Inc., you note the following: Required: 1. Calculate Mclelland'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. 2. Calculate Mclelland's gross profit ratio (rour ted 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. 3. Conceptual Connection: Which ratios-the ones computed using FIFO or LifO inventory values-provide the better indicator of how successful Mcleilan was at managing and controlling its inventory