Question: (Learning Objective 4: Computing gross profi t percentage and inventory turnover) Thurston & Talty, a partnership, had the following inventory data: Thurston & Talty need

(Learning Objective 4: Computing gross profi t percentage and inventory turnover)

Thurston & Talty, a partnership, had the following inventory data:

Thurston & Talty 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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