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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: 16 Units @ $15 = $240
Beginning Inventory at LIFO: 16 Units @ $11 = $176
| January Transactions | Units | Unit Cost | Total Cost |
| Purchase, January 9 | 27 | $ | 13 | $ | 351 |
| Purchase, January 20 | 53 | | 18 | | 954 |
| Sale, January 21 (at $39 per unit) | 39 | | | | |
| Sale, January 27 (at $40 per unit) | 27 | | | | |
| |
--Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods.
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