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	Units			Unit Cost			Total Cost
Purchase, January 9		48			16		$	768
Purchase, January 20		98			17			1,666
Sale, January 11 (at $39 per unit)		78
Sale, January 27 (at $40 per unit)		54

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?