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Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory. December 31, using FIFO + 66 Units a $28 = $1,848 Inventory, December 31, using LIFO + 66 Units a $24 = $1,584 Transactions in the following Year Purchase, January 9 Purchase. January 20 Sale, January 11 (at $52 per unit) Sale, January 27 (at $53 per unit) Units 78 128 108 64 Unit Cont 29 30 Total Cost $ 2,262 3,840 Required: 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. 2. Compute the inventory turnover ratio under the FIFO 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 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. FIFO LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the inventory turnover ratio under the FIFO and LIFO Inventory costing methods. (Round your answers to 2 decimal places.) FIFO LIFO Inventory Tumover Ratio Complete this question by entering your answers in the tabs below. Required 1 Required 2 Requiredd 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yes No

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