The Shoreline Shop had the following inventory data:

2017 2018 Ending inventory at: FIFO Cost . .. . $ 16,250 $ 24,700 Cost of goods sold at $ 81,900 91,000 140,000 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 1961 1% Calculate the inventory turnover. (Round your answer one decimal place, ..) a. FIFO b. LIFO nventory turnover 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 inventory turnover