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6 Simple Plan Enterprises uses a periodic inventory system. Its records showed the following Inventory, December 31, using FIFO + 60 units o $25 - $1,500 Inventory. December 31 using LIFO+60 Units $21-$1260 13 DO Unit Cout 26 Total Cost 01.092 Transactions in the following Year Purchase, January Purchase, January 20 Sale, Janoary 11 ( 549 per unit) Sale, January 27t $50 per unit 122 102 TA 02 Required: 1. Compute the number and cost of goods available for sale, the cost of ending Inventory, and the cost of goods sold under FFO and LIFO 2. Compute the inventory turnover ratio under the FFO and LIFO inventory costing methods 3. Does the inventory method used make a significant difference in the inventory turnover ratio? Complete this question by entering your answers in the tabs below. Required Required Required Compute the number and cost of goods available for sale, the cout of ending inventory, and the cost of goods sold under Furo and UFO FO Number of Good att for Sale Cost of code Avalable for Sale Cost of Ending Inventory Cost of Goode Sot Complete this question by entering your answers in the tabs below. Requred 1 Rebuired 2 Required 3 Compute the inventory turnover ratio under the FIFO and uro inventory costing methods. (Round your answers to 2 decimal places) FO LIFO Inventory Turnover RO (Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Redured 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yes No

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