Lasley & Linderman, a partnership, had the following inventory data: Lasley and Linderman need to know the companys gross profit percentage and rate of inventory

Lasley & Linderman, a partnership, had the following inventory data:

Lasley and Linderman need to know the company’s gross profit percentage and rate of inventory turnover for 2014 under
1. FIFO.
2. LIFO.
Which method produces a higher gross profit percentage? Inventoryturnover?

2013 2014 Ending inventory at: FIFO Cost... LIFO Cost... $18,000 23,000 8,000 19,000 Cost of goods sold at: FIFO Cost... LIFO Cost. 80,900 84,900 154,000 Sales revenuc