I need a help please to answer this question. Can you help me, please? Simple Pl

Question

I need a help please to answer this question. Can you help me, please? Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 36 Units$15-$540 Inventory, December 31, using LIFO 36 Units $11 $396 Transactions in the Following YearUnits Unit Cost Total Cost Purchase, January 9 Purchase, January 20 Sale, January 11. (at $39 per unit) 16 48$ 768 9817 78 54 1,666 Sale, January 27 (at $40 per unit) 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 FIFO LIFO Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold

Explanation / Answer

FIFO LIFO Number of Goods Available for Sale (Units) 182 182 Cost of Goods Available for Sale 2974 2830 Cost of Ending Inventory 850 838 Cost of Goods Sold 2124 1992 FIFO LIFO Inventory Turnover Ratio           3.06           3.23

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