KE The River Boat Shop had the following inventory data: (Click the icon to view the...

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KE The River Boat Shop had the following inventory data: (Click the icon to view the inventory data) Read the requirements. Requirement 1. River Boat need to know the company's gross profit percentage and rate of inventory turnover for 2021 under (1) FIFO, and (2) LIFO Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, XX%. Do not enter the % symbol in the input field.) Gross profit percentage Requirements FIFO LIFO % % Data table 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2021 under 1. FIFO. 2. LIFO 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Ending inventory at FIFO Cost Ending inventory at LIFO Cost Cost of goods sold at FIFO Cost Cost of goods sold at LIFO Cost Sales revenue 2020 2021 $ 16,250 $ 24,700 12.400 15,600 Print Dono $ 81,900 91,000 140,000 KE The River Boat Shop had the following inventory data: (Click the icon to view the inventory data) Read the requirements. Requirement 1. River Boat need to know the company's gross profit percentage and rate of inventory turnover for 2021 under (1) FIFO, and (2) LIFO Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, XX%. Do not enter the % symbol in the input field.) Gross profit percentage Requirements FIFO LIFO % % Data table 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2021 under 1. FIFO. 2. LIFO 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Ending inventory at FIFO Cost Ending inventory at LIFO Cost Cost of goods sold at FIFO Cost Cost of goods sold at LIFO Cost Sales revenue 2020 2021 $ 16,250 $ 24,700 12.400 15,600 Print Dono $ 81,900 91,000 140,000

Answer rating: 100% (QA)

Answer To calculate the gross profit percentage and rate of inventory turnover for 2021 under FIFO a... View the full answer