Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 58 Units @ $24 = $1,392 Inventory, December 31, using LIFO 58 Units @ $20 = $1,160

Transactions in the Following Year	Units			Unit Cost			Total Cost
Purchase, January 9		70			25		$	1,750
Purchase, January 20		120			26			3,120
Sale, January 11 (at $48 per unit)		100
Sale, January 27 (at $49 per unit)		76

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?