What does the gross profit percentage measure how is it, Accounting Basics

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What does the gross profit percentage measure how is it

1. Does the periodic or perpetual choice affect the choice of a cost flow (LIFO versus FIFO) method? Explain.

2. What is the lower-of-cost-or-market rule and why is it necessary?

3. What does the gross profit percentage measure? How is it calculated?

4. What does the inventory turnover ratio measure? What does average-days-in inventory mean?

5. What are some of the risks associated with inventory? How do managers minimize these risks?

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