Required 1:

Required 2:

particular kind of merchandise: The records at the end of January of the current year for Young Company showed the following for Beginning Inventory at FIFO: 17 Units @ $17 = $289 Beginning Inventory at LIFO: 17 Units @ $13 = $221 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $39 per unit) Sale, January 27 (at $40 per unit) Units 26 52 49 27 Unit Cost $15 20 Total Cost $ 390 1,640 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 Required 1 Required 2 Which costing method is the more accurate indicator of the efficiency of inventory management? Which costing method is the more accurate indicator of the efficiency of inventory management