Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 40 Units @ $17 = $680 Inventory, December 31, using LIFO + 40 Units @ $13 = $520 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) Units 52 102 Unit Cost 18 19 Total Cost 936 1,938 $ 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? Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of en and LIFO. Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold $ $ $ FIFO 1941 3,554 1,026 2,528 $ $ $ LIFO 194 3,394 1,006 2,388 Required 1 Required 2 Required 3 Compute the inventory turnover ratio under the FIFO a places.) FIFO L IFO Inventory Turnover Ratio 1.48 1.56