10.00 points Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory. December 31, using FIFO-. 64 Units @ $27 = $1.728 Inventory. December 31, using LIFO 64 Units @ $23-$1.472 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11, (at $51 per unit) Sale, January 27 (at $52 per unit) Units Unit Cost Total Cost 76 $28 2,128 3,654 126 106 29 82 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. FIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold 266 266 2. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places.) FIFO IFO Inventory Turnover Ratio 2.63 3. The inventory method used does make a significant difference in the inventory turnover ratio. O Yes