Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 46 Units @ $20 = $920 Inventory, December 31, using LIFO 46 Units @ $16 = $736 Units Unit Cost 21 22 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $44 per unit) Sale, January 27 (at $45 per unit) Total Cost $1,218 2,376 58 108 88 64 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. 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? 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 L IFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold I pjinby Required 2 nby IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIII LLLLLLLLLLLLLLLLLLLLL LLLLLLLLLLL LLLLLLLLL LLLLLLLLL LLLLLLLLLLLLL Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places.) FIFO L IFO Inventory Turnover Ratio Required 1 Required 2 Required 3 Does the inventory method used make a significant difference in the inventory turnover ratio? OYes ONO