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 $20 $320 Beginning Inventory at LIFO: 16 Units@$16 $256 Transactions Purchase, January9 Purchase, January 20 Sale, January 21 (at $42 per unit) Sale, January 27 (at $43 per unit) Units 27 52 38 28 Cost $18 23 Total Cost $ 486 1,196 Required: 1. Compute the inventory turnover ratio forthe 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 2. Which costing method is the more accurate indicator of the efficiency of inventory management? LIFO No accuracy difference