The records at the end of January of the current year for Young Company showed the...

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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: 18 Units @ $17 = $306 Beginning Inventory at LIFO: 18 Units @ $13 = $234 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at $41 per unit) Required: Units 27 53 39 27 Unit Cost Total Cost $ 405 1,060 $15 20 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? FIFO Inventory turnover ratio LIFO Inventory turnover ratio 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.) 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: 18 Units @ $17 = $306 Beginning Inventory at LIFO: 18 Units @ $13 = $234 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at $41 per unit) Required: Units 27 53 39 27 Unit Cost Total Cost $ 405 1,060 $15 20 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? FIFO Inventory turnover ratio LIFO Inventory turnover ratio 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.)

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