Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 36 Units @ $15 = $540 Inventory, December 31, using LIFO 36 Units @ $11 = $396 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $39 per unit) Sale, January 27 (at $40 per unit) Units 48 98 78 54 Unit Cost 16 17 Total Cost $ 768 1,666 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