Exercise 6-58 (Algorithmic) Analyzing Inventory Examining the recent financial statements of Etherington Fashion Corporation you note the following: Sales $754,693 Cost of goods sold: Computed under FIFO 531,900 Computed under LIFO 557,700 Average inventory: Computed under FIFO 76,900 Computed under LIFO Required: 1. Calculate Etherington's gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to 45,800 two decimal places) using the FIFO inventory costing method. Gross profit ratio Inventory turnover ratio Average days to sell inventory 2. Calculate Etherington's gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places), and the average days to sell inventory (assume a 365-day year and round to 30.711 x % 6.800 X 53.68 X days two decimal places) using the LIFO inventory costing method. Gross profit ratio Inventory turnover ratio Average days to sell inventory 3. Conceptual Connection: Which ratios-the ones computed using FIFO or LIFO inventory values-provide the better indicator of how successful Etherington was at managing and controlling its inventory? days