Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO Inventory, December 31, using LIFO Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $42 per unit) Sale, January 27 (at $43 per unit) Required: 42 Units @ $18 = $756 42 Units @ $14 = $588 Units 54 Unit Cost 19. 104 20 Total Cost $ 1,026 2,080 84 60 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 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 Required 1 Required 2 >