please assist with the requirements for this problem - thank you

E6-39B (similar to) The Shoreline Shop had the following inventory data: E: (Click the icon to view the inventory data.) Read the requirements Requirement 1. Shoreline need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a FIFO b. LIFO Gross profit percentage L % % Data Table 2017 2018 29,245 17,600 Ending inventory at: FIFO Cost ........$ 20,075 $ LIFO Cost 12.540 Cost of goods sold at: FIFO Cost $ LIFO Cost Sales revenue 86,310 97,955 137,000 Print Done * Requirements 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2018 under 1. FIFO. 2. LIFO. 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Print Done