E7-14 Analyzing and Interpreting the Effects of the LIFO/FI FO Choice on Inventory Turnover Ratio [LO 7-2, LO 7-3, LO 7-5] Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory. December 31, using FIFO 48 Units Inventory, December 31, using LIFO 48 Units $19 $912 $15 $720 Transactions in the Following Year Units Unit Cost Total Cost 20 Purchase, January 9 60 1,200 21 Purchase, January 20 110 2,310 Sale, January 11, (at $43 per unit) Sale, January 27 (at $44 per unit) 90 66 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. FIFO LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold 2. 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