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The records at the end of January 2012 for Captain Company showed the following for a particular kind of merchandise: Inventory, December 31, 2011, at
The records at the end of January 2012 for Captain Company showed the following for a particular kind of merchandise: |
Inventory, December 31, 2011, at FIFO: 16 Units @ $18 = $288 |
Inventory, December 31, 2011, at LIFO: 16 Units @ $14 = $224 |
Transactions | Units | Unit cost | Total cost | ||||||
Purchase, January 9, 2012 | 28 | $ | 16 | $ | 448 | ||||
Purchase, January 20, 2012 | 55 | 21 | 1,155 | ||||||
Sale, January 21, 2012 (at $41 per unit) | 40 | ||||||||
Sale, January 27, 2012 (at $42 per unit) | 27 |
Required: |
Compute the inventory turnover ratio 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 | |
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