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Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using...

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Accounting

Simple Plan Enterprises uses a periodic inventory system. Itsrecords showed the following:

Inventory, December 31, using FIFO ? 44 Units @ $19 = $836
Inventory, December 31, using LIFO ? 44 Units @ $15 = $660
  Transactions in the Following Year   UnitsUnit Cost  TotalCost
  Purchase, January 956$201,120
  Purchase, January 20106212,226
  Sale, January 11, (at $43 per unit)86
  Sale, January 27 (at $44 per unit)62
Required:
1.

Compute the number and cost of goods available for sale, thecost of ending inventory, and the cost of goods sold under FIFO andLIFO.

       

2.

Compute the inventory turnover ratio under the FIFO and LIFOinventory costing methods. (Round your answers to 2 decimalplaces.)

        

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