Simple Plan Enterprises uses a periodic inventory system Its records showed the following Inventory. December 31, using FIFO - 48 Units a $19 = $912 Inventory. December 31, using LIFO 48 Units a $15 = $720 Unit Cost 2e 21 Units 60 lie 9e 66 Total Cost $ 1,200 2,31e Transactions in the following year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $43 per unit) Sale, January 27 (at 544 per unit) 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 an 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? 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIF 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: Required 2 Required 3 Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places. FIFO LIFO inventory Tumover Ratio Required 1 Required 3 > 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 FIFO LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold