The Sail Shop had the following inventory data: : (Click the icon to view the...
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Accounting
The Sail Shop had the following inventory data: : (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Sail need to know the company's gross profit percentage and rate of inventory turnover 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 - X a. FIFO b. LIFO Gross profit percentage % % 2017 2018 Ending inventory at: FIFO Cost ........ $ 27,920 $ 30,500 LIFO Cost ........ 12,510 20,150 Cost of goods sold at: FIFO Cost $ 87,630 LIFO Cost 97,980 Sales revenue......... 138,000 Print Done
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