Help Save & Exit Submit Check my werk Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO - 46 Units @ $20 = $920 Inventory. December 31, using LIFO - 46 Units a $16 = $736 Transactions in the following Year Unit Cost Total Cast Purchase, January 9 21 $1,218 Purchase, January 20 22 2.376 Sale, January 11 (at $44 per unit) Sale, January 27 (at $45 per unit) Units 58 108 88 64 Required: 1. Compute the number and cost of goods available for sale, the cost of enching 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. 3. Does the inventory method used make a significant difference in the inventory turnover ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 5 1. Compute the number and cost of goods available for sale, the cost of ending Inventory, and the cost of goc LIFO 2. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. 3. Does the inventory method used make a significant difference in the inventory turnover ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold and LIFO. FIFO LIFO 212 212 Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decima places.) FIFO LIFO Inventory Turnover Ratio Help Save 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold und LIFO 2. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods 3. Does the inventory method used make a significant difference in the inventory turnover ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yes No