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: 15 Units @ $19 = $285

Beginning Inventory at LIFO: 15 Units @ $15 = $225

January Transactions	Units	Unit Cost	Total Cost
Purchase, January 9	26	$17	$ 442
Purchase, January 20	50	22	1,100
Sale, January 21 (at $38 per unit)	37
Sale, January 27 (at $39 per unit)	29

Required:

1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods.
2. Which costing method is the more accurate indicator of the efficiency of inventory management?

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2

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.)

\begin{tabular}{|l|l|} \hline FIFO Inventory turnover ratio & \\ \hline LIFO Inventory turnover ratio & \\ \hline \end{tabular}