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

Transactions in the Following Year

Units

Unit Cost

Total Cost

Purchase, January 9

50

$

15

750

Purchase, January 20

100

16

1,600

Sale, January 11 (at $38 per unit)

80

Sale, January 27 (at $39 per unit)

56

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)

Costs 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.)

Inventory Turnover ratio: Fifo: ? Lifo: ?