54 Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO - 42 Units @ $18 - $756 Inventory, December 31, using LIFO - 42 Units @ $14 = $588 Transactions in the following Year Unito Unit Cost Total cost Purchase, January 9 19 $ 1,026 Purchase, January 20 104 20 2,080 Sale, January 11 (at $42 per unit) Sale, January 27 (at $43 per unit) 60 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? 84