Question: Thurston & Talty, a partnership, had the following inventory data: Thurston & Talty need to know the companys gross profit percentage and rate of inventory

Thurston & Talty, a partnership, had the following inventory data:

Thurston & Talty need to know the company€™s gross profit percentage and rate of inventory turnover for 2010 under
1. FIFO
2. LIFO
Which method makes the business look better on?
3. Gross profit percentage?
4. Inventoryturnover?

2009 2010 Ending inventory at FIFO Cost.$21,000 $ 23,000 8,000 17,000 LIFO Cost. FIFO Cost.... Sales revenue.. Cost of goods sold at: 85,200 92,800 144,000 LIFO Cost

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Req 1 and 2 1 2 FIFO LIFO Gross profit percentage 144000 85200 144000 9280... View full answer

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