Simple Plan Enterprises uses a periodic inventory system. Its records showed the following Inventory, December 31, using FIFO + 50 Units @ $20 = $1,000 Inventory, December 31, using LIFO -50 Units @ $16 - $800 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at 344 per unit) Sale, January 27 (at 545 per unit) Unit Cost 21 22 Total Cast 51.302 Units 62 112 92 61 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 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 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 Avalable for Sale Cost of Ending Inventory Cost of Goods Sold Required 2 > 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 decimal places) FIFO LIFO Inventory Turnover Ratio Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yos ONO