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: 17 Units @ $16 = $272

Inventory, December 31, 2011, at LIFO: 17 Units @ $12 = $204

Transactions

Units

Unit Cost

Total Cost

Purchase, January 9, 2012

28

$

14

$392

Purchase, January 20, 2012

52

19

988

Sale, January 21, 2012 (at $42 per unit)

37

Sale, January 27, 2012 (at $43 per unit)

26

FIFO Inventory turnover ratio
LIFO Inventory turnover ratio

Required:

1.	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.)