14 Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a period inventory system 600 units 580 each 16.92/18 points awarded 1,000 units @ $95 each 800 units @ $100 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 03:14:05 400 units @ $120 each 800 units $130 each 400 units @ $135 each se units Scored Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 1b. Which method will result in the highest ending inventory balance? 2. Compute cost of goods sold for January and the ending Inventory using both the FIFO and LIFO methods. 3a. Assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $70, and inventory purchased on January 21 had a unit cost of $65. All other information is the same. Which method, FIFO or LIFO, will result the highest cost of goods sold figure for January 20219 3b. Which method will result in the highest ending inventory balance? 3c. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Reg 2 Reg 1A and 1B Reg 3C Reg 3A and 38 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Cost of Goods Sold - Periodic Watch shows online