21 Simple Plan Enterprises uses a periodic inventory system. Its records showed the following Inventory, December 31, using FIFO - 50 Units @ $20 = $1,000 Inventory, December 31, using LIFO - 50 Units 516 - $800 Transactions in the following year Units Unit Cost Purchase, January Purchase, January 20 22 Sale, January 11 (at 544 per unit) Sale, January 27 (at ses per unit) 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? 112 92 60 Total cost $ 1,10 2.464 Help Save 1. Lompute 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 1 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 LIFO. FIFO LIFO Number of Goods Available for Sale (Units). Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold Required 2 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods soldur 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 1 Required 2 Required 3 Compute the inventory turnover ratio under the FIFO and LIFO Inventory costing methods. (Round your answers to 2 decima places.) ............... FIFO LIFO Inventory Turnover Ratio youus available for sale, the cost of ending inventory, and the cost of goc 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 1 Required 2 Required 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yes O No