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Ch. 7 Homework Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 6 Beginning Inventory at FIFO: 16 Units a $19 - $304 Beginning Inventory at LIFO: 16 Units $15 = $240 20 points January Transactions Purchase, January 9 Purchase, January 2a Sale, January 21 (al $49 per unit) Sale, January 27 (at i per unit) Units 25 51 36 26 Unit Cast $17 22 Total Cast $ 425 1,122 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 elliciency of inventory management? * Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 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.) 2.35 FIFO Inventory turnover ratio LIFO Inventory turnover ratio M Graw Hall Education