Simple Plan Enterprises uses a periodic Inventory system Its records showed the following: Inventory, December 31, using FIFO 66 Units @ $28 - $1,848 Inventory, December 31, using LIFO 66 Units O $24 - $1,584 Transactions in the following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at 352 per unit) Sale, January 27 (at $53 per unit) Uits 78 128 Unit COS 29 36 Total Cost $ 2.262 3.840 108 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 Required 2 Required 3 Compute the number and cost of doods itinn 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 ratlo? 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 investory, 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 Required 2 > Required: LIFO. 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 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? Yos No a