The records at the end of January 2012 for Captain Company showed the following

Question

The records at the end of January 2012 for Captain Company showed the following for a particular kind of merchandise: Inventory, December 31, 2011, at FIFO: 19 Units @ $16 = $304 Inventory, December 31, 2011, at LIFO: 19 Units @ $12 = $228 Transactions Purchase, January 9, 2012 (units: 25, unit cost: $14, total cost: $350) Purchase, January 20, 2012 (units: 50, unit cost: $19, total cost: $950) Sale, January 21, 2012 (at $38 per unit) (units:40) Sale, January 27, 2012 (at $39 per unit) (units: 28) Required: Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods.

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