When inventory prices are rising during a period, which inventory method produces the lowest net income? O Average cost FIFO O LIFO O There is not enough information to determine the answer. X corporation has the following information for 2014, 2015 and 2016. Beginning Inventory Ending Inventory Cost of Goods Sold Sales 2014 2015 2016 1,200 1,400 1,800 1,400 1,800 2,600 13,000 12,800 13,200 20,000 20,000 22,000 Compute the gross profit rate for 2016. Round your answer to the nearest whole per cent. Enter 25.6% as 26. X corporation has the following information for 2017, 2017 25,000 8,000 Operating Expense Income Tax Expense Cost of Goods Sold Sales 55,000 100,000 Compute the profit margin for 2017 Round your answer to the nearest whole per cent. Enter 25.6% as 26