E7-14 Analyzing and Interpreting the Effects of the LIFO/FIFO Choice on Invent LO 7-5 Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 66 Units @ $28-$1.848 Inventory, December 31, using LIFO 66 Units @ $24 $1,584 Units Unit Cost Total Cost Transactions in the Following Year Purchase, January S9 Purchase, January 20 Sale, January 11, (at $52 per unit) Sale, January 27 (at $53 per unit) $29 30 2,262 3,840 78 128 108 84 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 $7,686 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