Simple Plan Enterprises uses a periodic inventory system. Its records showed the following Inventory, December 31, using FIFO 48 Units@ S19 $912 Inventory, December 31, using LIFO 48 Units@$15 $720 Unit UnitsCost Total Cost Transactions in the Following Year Purchase, January 9 Purchase, January 2 Sale, January 11 (at $43 per unit) Sale, January 27 (at $44 per unit) 60 110 90 20 $1,200 21 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? Complete this question by entering your answers in the tabs below Required 1 Required 2Required 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 LIFC 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 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! Required 3 Required 1 Required 2 Required 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yes ONo Required 2 Required 3