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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: 16 Units @ $19 = $304 Beginning Inventory at LIFO: 16 Units @ $15 = $240 Unit Total Cost Cost Purchase, January 9 29 $17 $493 Purchase, January January Transactions 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at $41 per unit) Units 53 22 36 29 1,166 Required: 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods.

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: 16 Units @ $19 = $304 Beginning Inventory at LIFO: 16 Units @ $15 = $240 Unit Total Cost Cost Purchase, January 9 29 $17 $493 Purchase, January January Transactions 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at $41 per unit) Units 53 22 36 29 1,166 Required: 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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: 16 Units @ $19 = $304 Beginning Inventory at LIFO: 16 Units @ $15 = $240 Unit Total Cost Cost Purchase, January 9 29 $17 $ 493 Purchase, January January Transactions 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at $41 per unit) FIFO Turnover Ratio Units LIFO Turnover Ratio 53 36 29 22 Required: 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 1) 1,166
Transcribed Image Text: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: 16 Units @ $19 = $304 Beginning Inventory at LIFO: 16 Units @ $15 = $240 Unit Total Cost Cost Purchase, January 9 29 $17 $ 493 Purchase, January January Transactions 20 Sale, January 21 (at $40 per unit) Sale, January 27 (at $41 per unit) FIFO Turnover Ratio Units LIFO Turnover Ratio 53 36 29 22 Required: 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 1) 1,166
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