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Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO + 64 Units @ $27 - $1,728

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Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO + 64 Units @ $27 - $1,728 Inventory, December 31, using LIFO - 64 Units @ $23 - $1,472 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $51 per unit) Sale, January 27 (at $52 per unit) Units 76 126 106 82 Unit Cost 28 29 Total Cost $2,128 3,654 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. LIFO 266 7.254 Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold FIFO 266 7,510 s 2.262 5.248 $ $ $ Required 1 Required 2 > Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO - 64 Units @ $27 - $1728 Inventory, December 31, using LIFO + 64 Units @ $23 = $1472 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $51 per unit) Sale, January 27 (at $52 per unit) Unit Cost 28 29 76 126 106 82 Total Cost $2,128 3,654 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

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