6 inventory system. 1,200 units @ $85 each 2 points 2,500 units @ $100 each 2,300 units @ $105 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,150 units @ $125 each 1,550 units @ $135 each 1,000 units @ $140 each 2,300 units eBook Required: D Hint Print 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 $75, and the inventory purchased on January 21 had a unit cost of $70. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. References Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Reg 1A and 1B Reg 2 Req 3A and 3B Reg 3C Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance (Reg 1A and 1B Reg 2 > 6 Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1,200 units @ $85 each 2 points 2,500 units @ $100 each 2,300 units @ $105 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,150 units @ $125 each 1,550 units @ $135 each 1,000 units @ $140 each 2,300 units eBook Hint Required: Print 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 $75, and the inventory purchased on January 21 had a unit cost of $70. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. References Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Reg 1A and 1B Reg 2 Reg 3A and 3B Req 3C Assume that inventory costs were declining during January. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 and highest ending inventory balance? | . 3b. Highest cost of goods sold figure Highest ending inventory balance Mc Graw 6 inventory purchased on January 21 had a unit cost of $70. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. points Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. eBook Req 1A and 1B Reg 2 Reg 3A and 3B Reg 3C co Hint Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO Print FIFO: # of units Cost of Goods Available for Sale FIFO Cost of # of Cost per Goods units unit Available for Sale 1,200 $ 85.00 $ 102,000 Cost per Cost per # of units sold Cost of Goods Sold in ending Ending Inventory unit unit inventory References $ 85.00 $ 85.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 75.00 0 2,500 2,300 6,000 75.00 70.00 187,500 161,000 $ 450,500 75.00 70.00 0 70.00 $ 0 $ 0 Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: Cost of Goods Available for Sale LIFO Cost of # of Goods units unit Available for Sale 1,200 $ 85.00 $ 102,000 Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 85.00 $ 85.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 2,500 75.00 0 75.00 70.00 187,500 161,000 450,500 75.00 70.00 0 2.300 6,000 70.00 $ $ 0 0 $ 0 6 Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1,200 units @ $85 each 2 points 2,500 units @ $100 each 2,300 units @ $105 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,150 units @ $125 each 1,550 units @ $135 each 1,000 units @ $140 each 2,300 units eBook Hint Required: Print 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 $75, and the inventory purchased on January 21 had a unit cost of $70. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. References Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Reg 1A and 1B Reg 2 Reg 3A and 3B Req 3C Assume that inventory costs were declining during January. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 and highest ending inventory balance? | . 3b. Highest cost of goods sold figure Highest ending inventory balance Mc Graw 6 inventory purchased on January 21 had a unit cost of $70. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. points Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. eBook Req 1A and 1B Reg 2 Reg 3A and 3B Reg 3C co Hint Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO Print FIFO: # of units Cost of Goods Available for Sale FIFO Cost of # of Cost per Goods units unit Available for Sale 1,200 $ 85.00 $ 102,000 Cost per Cost per # of units sold Cost of Goods Sold in ending Ending Inventory unit unit inventory References $ 85.00 $ 85.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 75.00 0 2,500 2,300 6,000 75.00 70.00 187,500 161,000 $ 450,500 75.00 70.00 0 70.00 $ 0 $ 0 Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: Cost of Goods Available for Sale LIFO Cost of # of Goods units unit Available for Sale 1,200 $ 85.00 $ 102,000 Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 85.00 $ 85.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 2,500 75.00 0 75.00 70.00 187,500 161,000 450,500 75.00 70.00 0 2.300 6,000 70.00 $ $ 0 0 $ 0