The records at the end of January of the current year for Young Company showed...
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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: 15 Units $15 $225 Beginning Inventory at LIFO: 15 Units$11 $165 Unit Cost $13 18 Transactions Units 29 52 37 Total Cost $377 936 Purchase, January 9 Purchase, January 20 Sale, January 21 (at $40 per unit) Sale, Jan 27 (at $41 per unit 29 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.) &Answer is complete but not entirely correct. | 261 FIFO Inventory turnover ratio LIFO Inventory turnover ratio4.03 2. Which costing method is the more accurate indicator of the efficiency of inventory management? FIF LIFO No accuracy difference
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