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10. The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise:

Beginning Inventory at FIFO: 18 Units @ $16 = $288

Beginning Inventory at LIFO: 18 Units @ $12 = $216

Transactions	Units	Unit Cost				Total Cost
Purchase, January 9	27	$	14			$	378
Purchase, January 20	53		19				1,007
Sale, January 21 (at $39 per unit)	39
Sale, January 27 (at $40 per unit)	30

10. The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 18 Units@$16 $288 Beginning Inventory at LIFO: 18 Units $12 $216 Purchase, January 9 Purchase, January 20 Sale, January 21 (at $39 per unit) Sale, January 27 (at $40 per unit) Units 27 53 39 30 Unit Cost $14 19 Total Cost $ 378 1,007 Required: 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. (Do not round intermediate calculations and round your final answers to 2 decimal places) FIFO Inventory turnover ratio LIFO Inventory turnover ratio 2. Which costing method is the more accurate indicator of the efficiency of inventory management? FIFO LIFO No accuracy difference Check my work

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