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Requirements 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2018 under 1. FIFO. 2. LIFO. 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Print Done of a percent, X.X%.) 0 Requirements 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2018 under 1. FIFO. 2. LIFO. 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Print Done The Lakeside Shop had the following inventory data: (Click the icon to view the inventory dot.) Read the focuireman Requirement 1. Lakeside need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Gross profit percentage % % Data Table 2017 2018 Ending inventory at: FIFO Cost $ 27,700 $ 28,500 LIFO Cost 6,625 13,045 Cost of goods sold at: FIFO Cost $ 82,895 LIFO Cost 98,350 140,500 Sales revenue Print Done