This Question: 10 pts 8 of 20 (0 complete) This Te 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, X.X%.) a. FIFO b. LIFO Gross profit percentage 1 % % Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO 11 Enter any number in the edit fields and then continue to the next question. This Question: 10 pts 8 of 20 (0 complete) The Tully Shop had the following inventory data: BB Click the icon to view the inventory data.) Read the requirements. Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO Inventory 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. Enter any number in the edit fields and then continue to the next question. This Question: 10 pts 8 of 20 (0 complete) Data Table The Tully Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. 2017 2018 Calculate the inventory turnover. (Round your answer one Ending inventory at: a. FIFO b. FIFO Cost Inventory turnover $ 21,510 $ 30,490 9,000 20,480 LIFO Cost Requirement 2. Which method produces a higher gross pr Cost of goods sold at: FIFO Cost produces a higher gross profit percentage. LIFO Cost $ 85,800 95,810 143,000 produces a higher rate of inventory turnover. Sales revenue Enter any number in the edit fields and then continue to Print Done This Question: 10 pts 8 of 20 (0 complete) This Te 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, X.X%.) a. FIFO b. LIFO Gross profit percentage 1 % % Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO 11 Enter any number in the edit fields and then continue to the next question. This Question: 10 pts 8 of 20 (0 complete) The Tully Shop had the following inventory data: BB Click the icon to view the inventory data.) Read the requirements. Calculate the inventory turnover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO Inventory 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. Enter any number in the edit fields and then continue to the next question. This Question: 10 pts 8 of 20 (0 complete) Data Table The Tully Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. 2017 2018 Calculate the inventory turnover. (Round your answer one Ending inventory at: a. FIFO b. FIFO Cost Inventory turnover $ 21,510 $ 30,490 9,000 20,480 LIFO Cost Requirement 2. Which method produces a higher gross pr Cost of goods sold at: FIFO Cost produces a higher gross profit percentage. LIFO Cost $ 85,800 95,810 143,000 produces a higher rate of inventory turnover. Sales revenue Enter any number in the edit fields and then continue to Print Done