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 201 financial statements: Required: 1. Compute each company's 201 gross margin percentage and inventory turnover using cost of goods sold as reported by each company. 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute each company's 20X1 gross margin percentage and inventory turnover using cost of goods sold as reported by each company. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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. (Do not round intermediate calculations. Round your final answers to 1 decimal place. Enter your answers in millions for cost of goods sold (FIFO).)