Question: Burner & Brett, a partnership, had the following inventory data: Burner & Brett need to know the company's gross profit percentage and rate of inventory

Burner & Brett, a partnership, had the following inventory data:

Burner & Brett need to know the company's gross profit percentage and rate of inventory turnover for 2012 under

1. FIFO.

2. LIFO.

Which method produces a higher gross profit percentage? Inventory turnover?

2011 2012 Ending inventory at: $22,000 S 26,000 9,000 21,000 LIFO Cost. Cost of goods sold at: FIFO Cost. LIFO Cost.. 85,800 92,900 139,000 Sales revenue...

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