S Inventory, December 31, using FIFO 38 Units @ $14 = $532 Inventory, December 31, using LIFO 38 Units @ $10 = $380 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $38 per unit) Sale, January 27 (at $39 per unit) Required: Required 1 Required 2 Units 50 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. Required 3 100 80 56 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. Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold FIFO Unit Cost 15 16 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. LIFO s Total Cost $ 750 1,600 Prey 7 of 12 w Next

Inventory. December 31 , using FIFO 38 Units o $14=$532 Inventory, December 31 , using LIFO 38 Units a $10=$380 Required: 1. Compute the number and cost of goods avallable 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 number and cost of goods available for sale, the cost of ending inventory, and the cost of poods sold under frFo and LFO