Study the “Calculating Inventory Turnover” portion of the chapter closely, whereby the cost of goods sold divided by the average inventory equals the inventory turnover.

Required Compute two inventory turnover calculations as follows:

1. Use the LIFO information in the previous assignment to first compute the average inventory and then to compute the inventory turnover.

2. Use the FIFO information in the previous assignment to first compute the average inventory and then to compute the inventory turnover.