Inventory, December 31, using FIFO Inventory, December 31, using LIFO 50 Units @ $20 = $1,000 50 Units @ $16-$800 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $44 per unit) Sale, January 27 (at $45 per unit) Required: Units 62 Unit Cost 21 Total Cost $ 1,302 112 22 2,464 92 68 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold unde 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 jentering 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 under FIFO and LIFO. Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold FIFO LIFO