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 @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $180 Units 26 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $41 per unit) Sale, January 27 (at $42 per unit) Unit Cost $14 19 Total Cost $364 988 52 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.) 2.42 FIFO Inventory turnover ratio LIFO Inventory turnover ratio 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 @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $180 Units 26 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $41 per unit) Sale, January 27 (at $42 per unit) Unit Cost $14 19 Total Cost $364 988 52 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.) 2.42 FIFO Inventory turnover ratio LIFO Inventory turnover ratio