E7-15 Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Inventory Turnover Ratio LO7-5, 7-66 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: 14 Units@ $16-$224 Beginning Inventory at LIFO: 14 Units $12 $168 Unit Units Cost $14 19 Transactions Total Cost $364 969 Purchase, January Purchase, January 20 Sale, January 21 (at $42 per unit) Sale, January 27 (at $43 per unit) 26 51 36 30 Required 1. 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 2. Which costing method is the more accurate indicator of the efficiency of inventory management? O FIFO LIFO No accuracy difference