Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:

Inventory, December $31,$ using FIFO $44$ Units @ $$17=$ $$748$

Inventory, December $31,$ using LIFO $44$ Units @ $$13=$ $$572$

$\backslash$table$[[$Transactions in the Following Year,Units,Unit Cost,Total Cost,$],[$Purchase$,$ January $9,56,18,$$$1,008,],[$Purchase$,$ January $20,106,19,2,014,],[$Sale$,$ January $11($at $$41$ per unit$),86,,,],[$Sale$,$ January $27($at $$42$ per unit$),62,,,],[,,,,]]$

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?

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.

$\backslash$table$[[,$FIFO,LIFO$],[$Number of Goods Available for Sale $($Units$),,206],[$Cost of Goods Available for Sale,,$],[$Cost of Ending Inventory,,$],[$Cost of Goods Sold,,$]]$