Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:

Inventory, December 31, using FIFO 42 Units @ $16 = $672

Inventory, December 31, using LIFO 42 Units @ $12 = $504

Transactions in the Following Year

Units

Unit Cost

Total Cost

Purchase, January 9

54

$

17

918

Purchase, January 20

104

18

1,872

Sale, January 11, (at $40 per unit)

84

Sale, January 27 (at $41 per unit)

60

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. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods True or False? The inventory method used does make a significant difference in the inventory turnover ratio.