Requirement 1. Shoreline need to know the company's gross profit percentage and rate of inventory turnover for 2021 under (1) FIFO, and (2) LIFO. Begin by calculating the gross prosit percentage. (Enter the percentage to the nearest tenth of a percent, X.X\%. Do not enter the \% symbol in the input field.) Calculate the inventory tumover. (Round your answer one decimal place, X.) Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? produces a higher gross profit percentage. produces a higher rate of ivventory tumover. Data table