Tilton & Taft, partnership, had the following inventory data Tilton & Taft need to know the company's gross profit percentage and rate of inventory turnover for 2016 under (a) FIFO, and (b) LIFO 2.Which method produces a higher gross profit percentage? Inventory turnover? Requirement 1. Tilton & Taft need to know the company's gross profit percentage and rate of inventory turnover for 2016 under (a) FIFO, and b) LIFO Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, XX%.)