E$7-17($Algo$)$ Analyzing and Interpreting the Effects of the LIFO$/$FIFO Choice on Inventory Turnover Ratio LO$7-6$

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: $19$ Units @ $\backslash$$$18=\backslash$$$342$

Beginning Inventory at LIFO: $19$ Units @ $\backslash$$$14=\backslash$$$266$

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. $($Do not round intermediate calculations and round your final answers to $2$ decimal places.$)$

FIFO Inventory turnover ratio

LIFO Inventory turnover ratio E$7-17($Algo$)$ Analyzing and Interpreting the Effects of the LIFO$/$FIFO Choice on Inventory Turnover Ratio L$07-6$

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: $19$ Units @ $\backslash$$$18=\backslash$$$342$

Beginning Inventory at LIFO: $19$ Units @ $\backslash$$$14=\backslash$$$266$

$1.$ 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 $1$

Which costing method is the more accurate indicator of the efficiency of inventory management?

Which costing method is the more accurate indicator of the efficiency of inventory management?