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E7-16 (Static) Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Inventory Tu Ratio [LO 7-2, LO 7-3, LO 7-5] Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 38 Units @$14=$532 Inventory, December 31 , using LIFO 38 Units @$10=$380 Required: 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold un 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. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFC and LIFO. nventory, December 31 , using LIFO 38 Units @$10=$380 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. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places.) E7-16 (Static) Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Inventory Turnover Ratio [LO 7-2, LO 7-3, LO 7-5] Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31 , using FIFO 38 Units @$14=$532 Inventory, December 31 , using LIFO 38 Units @$10=$380 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. Does the inventory method used make a significant difference in the inventory turnover ratio