The Sea Hawk Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements, Requirement 1. Sea Hawk 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 profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%. Do not enter the % symbol in the input field.) FIFO LIFO - X Gross profit percentage % Data table Requirements 2020 2021 $ 27,920 $ 30,500 12,510 20,150 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2021 under 1. FIFO. 2. LIFO. 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Ending Inventory at FIFO Cost Ending inventory at LIFO Cost Cost of goods sold at FIFO Cost Cost of goods sold at LIFO Cost $ 87,630 97,980 Sales revenue 138,000 Print Done Print Done