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 20X1 financial statements: ($ in millions) Balance sheet inventories LIFO reserve Sales Cost of goods sold KW Steel Corp. 20X1 20X0 Waretown Steel 20X1 20X0 $ 708.2 $ 688.6 $ 797.6 $ 692.7 378.0 334.9 4,284.8 4,029.7 3,584.2 3,355.8 3,427.8 3,226.5 2,724.0 2,617.5 Required: 1. Compute each company's 20X1 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. 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. (Do not round intermediate calculations. Round your final answers to 1 decimal place. Enter your answers in millions for cost of goods sold (FIFO).) Cost of goods sold (FIFO) Gross margin rate Inventory turnover KW Steel Corp. Waretown Steel 24.0% 3.9 Required 2 > 21.0 % 3.1 < Required 1