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Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO + 48 Units @ $19 = $912 Inventory, December 31, using LIFO + 48 Units @ $15 = $720 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $43 per unit) Sale, January 27 (at $44 per unit) Units 60 110 90 66 Unit Cost 20 21 Total Cost $1,200 2,310 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. 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? 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. FIFO LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold Required 1 Required 2 Required 3 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 Required 1 Required 2 Required 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yes ONO