7 Check my work E7-15 (Algo) Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Inventory Turnover Ratio LO7-5, 7-6 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 a $16 = $256 Beginning Inventory at LIFO 16 Units @ $12 = $192 Book unt ence January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $42 per unit) Sale, January 27 (at $43 per unit) Total Cost Unit Cost $14 19 Units 29 se 39 26 $406 9se 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. 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. OK Required: 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.) ces FIFO Inventory turnover ratio LIFO Inventory turnover ratio Required 2 > Che 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. book Required: Required 2 Which costing method is the more accurate indicator of the efficiency of inventory management? nces Which costing method is the more accurate indicator of the officiency of inventory management?