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 Purchase, January 9 Purchase, January 20 Sale, January 11 (at $48 per unit) Sale, January 27 (at $49 per unit) Units 70 120 100 76 Unit Cost 25 26 Total Cost $1,750 3,120 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 LIFO Inventory Turnover Ratio 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 Purchase, January 9 Purchase, January 20 Sale, January 11 (at $48 per unit) Sale, January 27 (at $49 per unit) Units 70 120 100 76 Unit Cost 25 26 Total Cost $1,750 3,120 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 LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold