The records at the end of January of the current year for Young Company showed...
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Accounting
The records at the end of January of the current year for Young Company showed the folowing for a particular kind of merchandise Beginning Inventory at FIFO: 19 Units Beginning Inventory at LIFO: 19 Units $17 $323 $13 $247 Purchase, January 9 Purchase, January 20 Sale, January 21 (at $39 per unit) Sale, January 27 (at $40 per unit) Uni 29 53 36 29 Unit Cost $15 20 ost $ 435 1,060 Required 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFo inventory costing methods roo not cend ihntorrmediats calcolatlions and round your final answers to 2 declmal places.) FIFO Inventory turnover ratio LIFO Inventory turnover ratio is the more accurate indicator of the efficiency of inventory management? 2. Which costing method O FIFO LIFO 0 No accuracy difference
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