The Lakeside Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Lakeside need to know the company's gross profit percentage and rate of inventory turnover for 2021 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%. Do not enter the % symbol in the input field.) Gross profit percentage FIFO ... Data table % Ending inventory at FIFO Cost Ending inventory at LIFO Cost Cost of goods sold at FIFO Cost Cost of goods sold at LIFO Cost Sales revenue LIFO % 2020 2021 $ 27,920 $ 30,500 12,510 20,150 $ 87,630 97,980 138,000 X

The Lakeside Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Lakeside need to know the company's gross profit percentage and rate of inventory turnover for 2021 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%. Do not enter the % symbol in the input field.) Gross profit percentage FIFO ... Data table % Ending inventory at FIFO Cost Ending inventory at LIFO Cost Cost of goods sold at FIFO Cost Cost of goods sold at LIFO Cost Sales revenue LIFO % 2020 2021 $ 27,920 $ 30,500 12,510 20,150 $ 87,630 97,980 138,000 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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