Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $180 Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at $41 per unit) Units 29 54 38 26 Unit Cont $14 19 Total cost $ 406 1,026 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.) FIFO Inventory tumover ratio LIFO Inventory tumover ratio Required 2 >