Question

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

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: 17 Units @ $16 = $272
  Inventory, December 31, 2011, at LIFO: 17 Units @ $12 = $204
  Transactions Units Unit Cost Total Cost
  Purchase, January 9, 2012 28 $ 14    $392
  Purchase, January 20, 2012 52 19    988
  Sale, January 21, 2012 (at $42 per unit) 37
  Sale, January 27, 2012 (at $43 per unit) 26
FIFO Inventory turnover ratio
LIFO Inventory turnover ratio
Required:
1.

Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Do not round intermediate calculations and round your final answers to 2 decimal places.)
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