Chapter 7 Homework Chi 7 E7.15 (Algo) Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Inventory Turnover Ratio LO7-5, 7-6 125 no 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 @ $15 = $270 Beginning inventory at LIFO: 18 Units $11=5198 H January transactions Purchase, January Purchase, January 20 Sale, January 21 (at 119 per unit) Sale, January 27 (at 540 per unit) Units 27 54 37 30 Unit Cost $13 18 Total cost $351 972 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? Complete this question by entering your answers in the tabs below. MC Graw Chapter 7 Homework January at per unan) 7 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? 125 points Complete this question by entering your answers in the tabs below. cBook Hit Required 1 Required 2 References 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 Required 2 > 7 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? 12.5 points Complete this question by entering your answers in the tabs below. Required 1 Required 2 Book Hint Which costing method is the more accurate indicator of the efficiency of inventory management? References Which costing method is the more accurate indicator of the efficiency of inventory management? 7 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? 12.5 points Complete this question by entering your answers in the tabs below. Required 1 Required 2 Book Hint Which costing method is the more accurate indicator of the efficiency of inventory management? References Which costing method is the more accurate indicator of the efficiency of inventory management?
