Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: → 56 Units @ $23 = $1.288 Inventory, December 31, using FIFO Inventory, December 31, using LIFO 56 Units @...

Extracted text: Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: → 56 Units @ $23 = $1.288 Inventory, December 31, using FIFO Inventory, December 31, using LIFO 56 Units @ $19 = $1,064 Units Total Cost Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $47 per unit) Sale, January 27 (at $48 per unit) Unit Cost 68 24 $ 1,632 118 25 2,950 98 74 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