Ch 7 Q 4

required 2 is already complete and correct:

FIFO

Beginning Inventory at FIFO: 18 Units @$17=$306 Beginning Inventory at LIFO: 18 Units $13=$234 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 mana ament? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute the inventory tumover 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.)