Chapter 7 Assessment i Saved Help Save & Exit Submit Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 46 Units @ $18 = $828 Inventory, December 31, using LIFO + 46 Units @ $14 = $644 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $42 per unit) Sale, January 27 (at $43 per unit) Units 58 108 Unit Cost 19 20 Total Cost $1,102 2,160 64 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