Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO Inventory, December 31, using LIFO - 44 Units @ $17 = $748 44 Units @ $13...

Extracted text: Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO Inventory, December 31, using LIFO - 44 Units @ $17 = $748 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) Units Unit Cost Total Cost 56 18 $ 1,008 106 19 2,014 86 62 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?