E7-15 Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Inventory Turnover Ratio Lo07-5. 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: 16 UnitsS15 $240 Beginning Inventory at LIFO: 16 Units@ $11- $176 Unit Units Cost Total Cost Purchase, January 9 Purchase, January 20 Sale, January 21 (at $41 per unit) 36 Sale, January 27 (at S42 per unit) 26 25 $13 18 325 936 Required: e 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? FIFO LIFO No accuracy difference