Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:

Inventory, December 31, using FIFO 58 Units @ $24 = $1,392

Inventory, December 31, using LIFO 58 Units @ $20 = $1,160

Transactions in the Following Year

Units

Unit Cost

Total Cost

Purchase, January 9

70

$

25

1,750

Purchase, January 20

120

26

3,120

Sale, January 11, (at $48 per unit)

100

Sale, January 27 (at $49 per unit)

76

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.

	FIFO	LIFO
Number of Goods Available for Sale (Units)
Cost of Goods Available for Sale
Cost of Ending Inventory
Cost of Goods Sold

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

3.

The inventory method used does make a significant difference in the inventory turnover ratio.

	Yes
	No