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 Waretown Steel 20x1 20X0 20X0 797.6 $ 692.7 334.9 4,029.7 3,427.8 3,226.5 $ 708.2 $ 688.6 3,584.2 2,724.0 3,355.8 2,617.5 378.0 4,284.8 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 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.) Gross margin percentage Inventory turnover KW Steel Corp. Waretown Steel % % < Required 1 Required 2 >