The Dockside Shop had the following inventory data (Click the icon to view the inventory data) Read the requirements Requirement 1. Dockside 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, XX%) a FIFO b UFO Gross profit percentage % % 2017 2018 Ending inventory at: FIFO Cost $ 15,160 $ 30,040 12,440 18,520 LIFO Cost Cost of goods sold at: FIFO Cost $ 81,360 LIFO Cost 92,880 144,000 Sales revenue 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 dit fields and then click Check Answer. Clear All