Tilton & Taft, a partnership, had these inventory data:

Tilton & Taft need to know the company's gross profit percentage and rate of inventory turnover for 2012 under

1. FIFO.

2. LIFO.

Which method produces a higher gross profit percentage? Inventory turnover?

2011 2012 Ending inventory at: FIFO Cost LIFO Cost $16,000 27,000 ,000 16,000 ...8 Cost of goods sold at: FIFO Cost LIFO Cost $ 85,900 92,300 143,000 Sales revenue..