The Tully Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements Requirement 1. Tully 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%.) Requirements a. FIFO b. LIFO Gross profit percentage % % Data Table Calculate the inventory turnover. (Round your answer one decimal place, X.X.) 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? a. FIFO b. LIFO Inventory turnover 2017 2018 Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Ending inventory at: FIFO Cost $ 16,250 $ 24,700 produces a higher gross profit percentage. Print Done LIFO Cost 12,400 15,600 produces a higher rate of inventory turnover. Cost of goods sold at: FIFO Cost $ 81,900 LIFO Cost 91,000 Sales revenue 140,000 Print Done