E7-15 (Algo) Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Inventory Turnover Ratio L07-5, 7-6 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: 17 Units a $18=$306 Beginning Inventory at LIFO: 17 Units $14=$238 Required: 1. Compute the inventory tumover 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. Compute the inventory turnover ratio for the month of Jenuory under the FIFO and LFO inventory costing methods. (Do not round intermedite calculations and round your final answers to 2 decimal places.)