(Learning Objective 4: Compute and evaluate gross profit percentage and inventory turnover)…
(Learning Objective 4: Compute and evaluate gross profit percentage and inventory turnover) Pepper & Penson, a partnership, had these inventory data:
Pepper and Penson need to know the company’s gross profit percentage and rate of inventory turnover for 2014 under
1. FIFO.
2. LIFO.
Which method produces a higher gross profit percentage? Inventory turnover?
