The Sail Shop had the following inventory data (Click the icon to view the inventory data.) Read the requirements Requirement 1. Sail 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 Data Table Gross profit percentage Calculate the inventory turnover. (Round your answer one decimal place, xx) a. FIFO b. LIFO 2017 2018 Inventory turnover Ending inventory at: Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? FIFO Cost $ 21,640 $ 31,060 LIFO Cost. . . . 10,250 19,500 Vproduces a higher gross profit percentage Cost of goods sold at $ 89,590 101,150 144,500 Vproduces a higher rate of inventory turnover FIFO Cost LIFO Cost.. _ _ . .. Sales revenue