E7-14 Analyzing and Interpreting the Effects of the LIFO/FIFO 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 ? 40 Units @ $15 = $600

Inventory, December 31, using LIFO ? 40 Units @ $11 = $440

Transactions in the Following Year	Units			Unit Cost			Total Cost
Purchase, January 9		52		$	16			832
Purchase, January 20		102			17			1,734
Sale, January 11, (at $39 per unit)		82
Sale, January 27 (at $40 per unit)		58

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. (Round your answers to 2 decimal places.)