E7-15 (Algo) Analyzing and Interpreting the Effects of the LIFO/FIFO Cholce on Inventory Turnover Ratio LO7-5, 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: 19 Units @ $18 - $342 Beginning Inventory at LIFO: 19 Units @ $14 = $266 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $43 per unit) Sale, January 27 (at $44 per unit) Units 29 55 40 30 Unit Cost $16 21 Total-Cost $ 464 1,155 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the inventory tumover 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.) 2.04 FIFO Inventory turnover ratio LIFO Inventory turnover ratio Required 2 >