Units 56 106 86 18 19 Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO - 44 Units a 517 = 5748 Inventory, December 31. using LIFO - 44 Units a $13 = $572 Transactions in the following year Unit Cost Total Cost Purchase, January 9 Purchase, January 20 2,014 Sale, January 11 (at $41 per unst Sale, January 27 (at $42 per unit) 62 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 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 tumover ratio? $1,000 LIFO a Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the inventory turnover ratio under the FIFO and LIFO Inventory costing methods. (Round your answers to 2 decimal places) FIFO LIFO Inventory Turnover Ratio Units 56 18 19 Simple Plan Enterprises uses a periodic Inventory system. Its records showed the following: Inventory December 31. using FIFO -- 44 Units @ $17 = $748 Inventory, December 31 using LIFO - 44 Units @ $13 = $572 Transactions in the following year unit cost Total Cost Purchase, January 9 $ 1,008 Purchase, January 20 106 2,014 Sale, January 11 (at $41 per unit) 86 Sale, January 27 (at $42 per unit) 62 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? Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and UFO. FIFO LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold 55 16 Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 44 Units @ $17 - $748 Inventory, December 31, using LIFO - 44 Units @ $13 - 5572 Transactions in the following Year Units Unit cost Total cost Purchase, January 9 $ 1,088 Purchase, January 20 106 19 2,014 Sale, January 11 (at $11 per unit) 86 Sale, Danuary 27 (at $42 per unit) 62 Required: 1. Compute the number and cost of goods available for sale, the cost or ending inventory and the cost of goods sold under FIFO and LIFO 2. Compute the inventory turnover ratio under the FIFO and UFO inventory costing methods 3. Does the inventory method used make a significant difference in the inventory turnover ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Reqlired 3 Required 3 Does the inventory method used m lant difference in the inventory turnover ratio? Yes NO