Thurston & Talty, a partnership, had the following inventory data:

Thurston & Talty need to know the company's gross profit percentage and rate of inventory turnover for 2016 under
1. FIFO.
2. LIFO.
Which method produces a higher gross profit percentage? Inventory turnover?

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2015 2016 Ending inventory at: FIFO Cost. $23,700 28,150 Cost of goods sold at: FIFO Cost $82,960 99,280 136,000 ost.. Sales revenue