Examining the recent financial statements of McLelland Clothing, Inc., you note the following: Sales $754,693 Cost of goods sold: Computed under FIFO 529,400 Computed under LIFO 552,400 Average inventory: 76,900 Computed under FIFO Computed under LIFO 45,800 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. Gross profit ratio % Inventory turnover ratio Average days to sell inventory days 2. 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 LIFO inventory costing method. Gross profit ratio % 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. Gross profit ratio % Inventory turnover ratio Average days to sell inventory days 2. 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 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 McLelland was at managing and controlling its inventory