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 FIFO54 Units $22-$1,188 Inventory, December 31, using LIFO 54 Units@$18 $972 Purchase, January 9 Purchase, January 20 Sale, January 11, (at $46 per unit) Sale, January 27 (at $47 per unit) 66 $23 116 24 2,784 96 72 1,518 Required 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sokd under FIFO and LIFO. Number of Goods Available for Sale Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sokd (Units) 2. Compute the inventory turnover ratio under the FiIFO and LIFO inventory costing methods. (Round your LIFO Inventory Tunover Ratio