Response to the following problem:
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)
Sale, January 27, 2012 (at $39 per unit)
Required: Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods.