The

DocksideDockside

Shop had the following inventory data:

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(Click the icon to view the inventory data.)Read the requirements

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.Requirement 1.

DocksideDockside

need to know the company's gross profit percentage and rate of inventory turnover for

20182018

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		%		%

Calculate the inventory turnover. (Round your answer one decimal place, X.X.)

	a. FIFO	b. LIFO
Inventory turnover

Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover?

produces a higher gross profit percentage.

produces a higher rate of inventory turnover.

Enter any number in the edit fields and then continue to the next question.

The Dockside Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Requirement 1. Dockside need 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 % Requirements Calculate the inventory tumover. (Round your answer one decimal place, X.X.) a. FIFO b. LIFO 1. Company managers need to know the company's gross profit percentage and rate of inventory turnover for 2018 under Inventory turnover 1. FIFO Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? 2. LIFO 2. Which method produces a higher gross profit percentage? A higher inventory turnover? produces a higher gross profit percentage. produces a higher rate of inventory turnover Print Done Enter any number in the edit fields and then continue to the next question. The Dockside Shop had the following inventory data: EE(Click the icon to view the inventory data.) Read the requirements. Requirement 1. Dockside need to know the company's gross profit percentage and rate of inventory tumover 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%.) Data Table b. LIFO a. FIFO Gross profit percentage % Calculate the inventory tumover. (Round your answer one decimal place, X.X.) 2018 2017 a. FIFO b. LIFO Ending inventory at Inventory turnover S 27,920 $ 30,500 ELFO.Cost. LIFO Cost. 12,510 20,150 Requirement 2. Which method produces a higher gross profit percentage? A higher inventory turnover? Cost of goods sold at: produces a higher gross profit percentage. FLFO.Cost 87,630 es a higher rate of inventory turnover LIFO Cost. 97,980 FIFO Sales revenue - 138,000 LIFO Enter any number in the edit fields and then continue to the next question. Print Done