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


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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: 16 Units @ $18 = $288 Inventory, December 31, 2011, at LIFO: 16 Units @ $14 = $224 Transactions Units Unit cost Total cost Purchase, January 9, 2012 28 $ 16 $ 448 Purchase, January 20, 2012 55 21 1,155 Sale, January 21, 2012 (at $41 per unit) 40 Sale, January 27, 2012 (at $42 per unit) 27 Required: 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.) FIFO Inventory turnover ratio LIFO Inventory turnover ratio ONETWOTHREEFOUR1234
posted a question · Aug 04, 2015 at 11:47am

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