Question: Durkin & Davis, a partnership, had these inventory data: Durkin & Davis need to know the companys gross profit percentage and rate of inventory turnover

Durkin & Davis, a partnership, had these inventory data:

Durkin & Davis need to know the company€™s gross profit percentage and rate of inventory turnover for 2010 under
1. FIFO
2. LIFO
Which method makes the business look better on?
3. Gross profit percentage?
4. Inventoryturnover?

2009 2010 Ending inventory at: FIFO Cost LIFO Cost .. $17,000 21,000 15,000 23,000 Cost of goods sold at: FIFO Cost.. LIFO Cost. $ 85,700 92,500 141,000 Sales revenue..

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