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

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

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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Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

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