Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 36 Units @ $15 = $540 Inventory, December 31, using LIFO + 36 Units @ $11 = $396 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $39 per unit) Sale, January 27 (at $40 per unit) Units 48 98 Unit Cost 16 17 Total Cost $ 768 1,666 78 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 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 L IFO 182 182 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 > Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 36 Units @ $15 = $540 Inventory, December 31, using LIFO + 36 Units @ $11 = $396 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $39 per unit) Sale, January 27 (at $40 per unit) Units 48 98 Unit Cost 16 17 Total Cost 768 1,666 $ 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 2 Required 3 Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places.) FIFO L IFO Inventory Turnover Ratio Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO + 36 Units @ $15 = $540 Inventory, December 31, using LIFO 36 Units @ $11 = $396 Units Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $39 per unit) Sale, January 27 (at $40 per unit) Unit Cost 16 17 Total Cost $ 768 1,666 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 2 Required 3 Does the inventory method used make a significant difference in the inventory turnover ratio? Yes ONO Required 2 Required 3 >
