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 @ $19 = $285 Beginning Inventory at LIFO: 15 Units @ $15 = $225 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $43 per unit) Sale, January 27 (at $44 per unit) Required: Unit Units Cost Total Cost 29 $17 52 22 $ 493 1,144 38 28 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 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.)

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 @ $19 = $285 Beginning Inventory at LIFO: 15 Units @ $15 = $225 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $43 per unit) Sale, January 27 (at $44 per unit) Required: Unit Units Cost Total Cost 29 $17 52 22 $ 493 1,144 38 28 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 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.)

Name: The records at the end of January of the current year for Young Compa
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Description: 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 @ $19 = $285Beginning Inventory at LIFO: 15 Units @ $15 = $225January Transaction

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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