LO7-6 Turnover Ratio The records at the end of January of the current year for Young Company showed the following for a par- ticular kind of merchandise: Beginning Inventory at FIFO: 19 Units @ $16 = $304 Beginning Inventory at LIFO: 19 Units @ $12 = $228 January Transactions Units Unit Cost Total Cost Purchase, January 9 25 TOJ Purchase, January 20 50 Sale, January 21 (at $38 per unit) 40 Sale, January 27 (at $39 per unit) 25 5842 $13 $325 19 950 Required: Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods (show computations and round to the nearest dollar). Which costing method is more accurate indicator of the efficiency of inventory management? Explain.