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 Units @ $16 = $256

Beginning Inventory at LIFO: 16 Units @ $12 = $192

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 Units @ $16 = $256 Beginning Inventory at LIFO: 16 Units $12 $192 Unit Units Cost $14 19 Transactions Total Cost $406 988 Purchase, January 9 Purchase, January 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at S41 per unit) 29 52 38 27 Required 1. 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