(Learning Objective 4: Compute and evaluate gross profit percentage and inventory turnover)…

(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?

 

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