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28. KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW's major competitor, instead uses the FIFO method. The following are excerpts from each company's 2014 and 2013 financial statements: Waretown Steel 2014 2013 ($ in millions) Balance sheet inventories LIFO reserve KW Steel Corp. 2014 2013 797.6 692.7 378.0 334.9 708.2 688.6 Sales Cost of goods sold 4,284.8 3,427.8 4,029.7 3,226.5 3,584.2 2,724.0 3,355.8 2,617.5 Calculate 2014 inventory turnover for both companies. Then re-calculate KW Steel's 2014 inventory turnover if they converted to FIFO. (10 points) 28. KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW's major competitor, instead uses the FIFO method. The following are excerpts from each company's 2014 and 2013 financial statements: Waretown Steel 2014 2013 ($ in millions) Balance sheet inventories LIFO reserve KW Steel Corp. 2014 2013 797.6 692.7 378.0 334.9 708.2 688.6 Sales Cost of goods sold 4,284.8 3,427.8 4,029.7 3,226.5 3,584.2 2,724.0 3,355.8 2,617.5 Calculate 2014 inventory turnover for both companies. Then re-calculate KW Steel's 2014 inventory turnover if they converted to FIFO. (10 points)