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

Pepper & Penson, a partnership, had these inventory data:

Pepper and Penson 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... $12,000 24,000 7,000 14,000 Cost of goods sold at: FIFO Cost... LIFO Cost. S80,800 90,800 158,000 Sales revenuc

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