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 Purchase, January 9 Purchase, January 20 Sale, January 11 (at $38 per unit) Sale, January 27 (at $39 per unit) Units 50 100 80 56 Unit Cost 15 16 Total Cost $ 750 1,600 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