4. Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Beginning inventory, January 1, 2018 1,100 units @ $75 each Purchases: January 15 2,300 units @ $90 each January 21 2,100 units @ $95 each Sales: January 5 1,050 units @ $115 each January 22 1,450 units @ $125 each January 29 900 units @ $130 each Ending inventory, January 31, 2018 2,100 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 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.

Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Beginning inventor Purchases: y, January 1, 2018 1,100 units $75 each January 15 January 21 2,300 units $90 each 2,100 units $95 each Sales: January 5 January 22 January 29 1,050 units $115 each 1,450 units $125 each 900 units $130 each 2,100 units Ending inventory, Januar y 31, 2018 Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 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. Complete this question by entering your answers in the tabs below. Req 1A and 1 Req 2 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance