The Tully Shop had the following inventory data Requirement 1. Tully 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, XX%. Do not enter the % symbol in the input field.) FIFO LIFO Gross profit percentage % X Requirements Data table 1. Company managers need to know the company's gross profit percentage and rate of inventory tumover 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 Sales revenue 2020 2021 $ 27,700 $ 28,500 6,625 13,045 $ 52,895 98,350 140,500 Print Done Print Done Help me solve this Etext pages Calculator Clear all Check