Turner & Tauft, in partnership had the following inventory data (Click the icon to view the inventory data Requirements 1 Turner & Tall needs to know the company's gross profit percentage and rate of inventory turnover for 20x6 under a FIFO and (b) UFO. 2 Which method makes the business look botter on (Gross proht percentage and Inventory turnover? Requirement 1. Turmet 8 Taft needs to know the company's gros profit percentage and into of twentory turnover soe 2036 under () FIFO and (b) UFO Begin by calculating the gross proft percentage (Enter the percentages to the nearest torth of a percent XX%) a FFO LIFO Gross profit percentage Calculate the inventory turnover (Round your answers to one decimal place, XX a FIFO LIFO Inventory furnover timos times Requirement 2. Which method makes the business look better on (a) Gross profit porcentage and (b) inventory turnover? makes the company look better on the gross profit percentago b makes the company look better on the rate of inventory turnover 0) 20X5 20X6 Ending inventory at: FIFO Cost $ 22,500 $ 24,200 LIFO Cost 10,400 16,250 Cost of goods sold at: FIFO Cost $ 82,950 LIFO Cost 98,450 Sales revenue 148,450 er? a FIFO b. LIFO Inventory turnover times times Requirement 2. Which method makes the business look better on (a) Gross profit percentage and (b) Inver a makes the company look better on the gross profit percentage b the company look better on the rate of inventory turnover FIFO LIFO Enter any number in the edit fields and then continue to the next question. Requirement 2. Which a. makes the company look better on the gross profit percentage b makes the company look better on the rate of inventory turnover. FIFO LIFO Ent r in the edit fields and then continue to the next