Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO Inventory, December 31, using LIFO 54 Units @ $22 = $1,188 54 Units @ $18 = $972 Transactions in the Following Year Purchase, January 9 Purchase, January 201 Sale, January 11 (at $46 per unit) Sale, January 27 (at $47 per unit) Required: Units 66 Unit Cost 23 116 24 Total Cost $ 1,518 2,784 96 72 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of go 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? 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 and LIFO. FIFO LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale 236 $ 5,490 $ 236 5,274 Cost of Ending Inventory 1632 Cost of Goods Sold Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO Inventory, December 31, using LIFO 54 Units $22 = $1,188 54 Units @ $18-$972 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $46 per unit) Sale, January 27 (at $47 per unit) Units 66 116 Unit Cost 23 24 Total Cost $1,518 2,784 96 72 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? 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 Inventory Turnover Ratio LIFO