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: 19 Units @ $16 = $304 Beginning Inventory at LIFO: 19 Units @ $12 = $228 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $38 per unit) Sale, January 27 (at $39 per unit) Units 25 50 40 25 Unit Cost $13 19 Total Cost $325 950 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? Answer is complete but not entirely correct. 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.) 2.40 FIFO Inventory turnover ratio LIFO Inventory turnover ratio 2.14 X