Question: (Learning Objective 3: Computing gross profi t percentage and inventory turnover) Durkin & Davis, a partnership, had these inventory data: Durkin & Davis need to

(Learning Objective 3: Computing gross profi t percentage and inventory turnover)

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

Durkin & Davis need to know the company’s gross profi t percentage and rate of inventory turnover for 20X6 under 1. FIFO 2. LIFO Which method makes the business look better on 3. Gross profi t percentage?

4. Inventory turnover?

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