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The records at the end of January of the current year for Young Company showed...

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Question

Accounting

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 @ $19 = $304

Beginning Inventory at LIFO: 16 Units @ $15 = $240

January Transactions Units Unit Cost Total Cost
Purchase, January 9 26 $ 17 $ 442
Purchase, January 20 54 22 1,188
Sale, January 21 (at $42 per unit) 35
Sale, January 27 (at $43 per unit) 27

Required:

1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods.

2. Which costing method is the more accurate indicator of the efficiency of inventory management?

imageplease also show how you got the answer, thank you

Required 1 Required 2 Compute the inventory turnover ratio for the month of January under the FIFO and LIFO in round intermediate calculations and round your final answers to 2 decimal places.) FIFO Inventory turnover ratio LIFO Inventory turnover ratio

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