The records at the end of January 2015 for Young Company showed the following for a particular kind of merchandise Inventory, December 31, 2014, at FIFO 19 Units $16 $304 Inventory, December 31, 2014, at LIFO 19 Units $12 $228 Required Compute the inventory turnover ratio under the FIFO and LIFO in...

CASE A FIFO Goods available for sale for FIFO Units 19 25 50 94 Amount 304 32 ...

The records at the end of January 2015 for Young Company showed the following for a particular

Question:

The records at the end of January 2015 for Young Company showed the following for a particular kind of merchandise:

Inventory, December 31, 2014, at FIFO: 19 Units @ $16Â = $304

Inventory, December 31, 2014, at LIFO: 19 Units @ $12Â = $228

The records at the end of January 2015 for Young

Required:
Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods (show computations and round to the nearest dollar). Which costing method is the more accurate indicator of the efficiency of inventory management?Explain.

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,...