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	Units			Unit Cost			Total Cost
Purchase, January 9		54		$	19			1,026
Purchase, January 20		104			20			2,080
Sale, January 11, (at $42 per unit)		84
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.

	FIFO	LIFO
Number of Goods Available for Sale (Units)
Cost of Goods Available for Sale
Cost of Ending Inventory
Cost of Goods Sold

2.	Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places.)

	FIFO	LIFO
Inventory Turnover Ratio

3.

The inventory method used does make a significant difference in the inventory turnover ratio.

	Yes
	No