Simple Plan Enterprises uses a periodic inventory system. Its records showed the

Question

Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:

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.

       

Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places.)

        

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 @ $24 = $1,584

Explanation / Answer

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

FIFO LIFO No of goods available for sale 272 272 Cost of goods available for sale 7950 7686 Ending inventory 80*30=2400 66*24+14*29=1990 Cost of goods sold 5550 5696

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