Simple Plan Enterprises uses a periodic Inventory system. Its records showed the following: Inventory, December...
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Simple Plan Enterprises uses a periodic Inventory system. Its records showed the following: Inventory, December 31, using FIFO -64 Units a $27 = 51728 Inventory, December 31, using LIFO - 64 Units o $23 - $1,472 Transactions in the following Year Purchase, January Purchase. January 20 Sale, January 11 (at 551 per unit) Sale, January 27 (at 552 per unit) Units 76 126 106 82 Unit Cast 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 UFO inventory costing methods. 3. Does the inventory method used make a significant difference in the Inventory turnover ratio
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