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:

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.

Does the inventory method used make a significant difference in the inventory turnover ratio?

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

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

places.$)$