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 44 Units @ $19 $836 Inventory, December 31, using LIFO 44 Units@$15 $660 Units Unit Cost Total Cost Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11, (at $43 per unit) Sale, January 27 (at S44 per unit) 56$20 1,120 106 21 86 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 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 3. The inventory method used does make a significant difference in the inventory turnover ratio. O Yes O No