8 Homework Help Save & Exit Submit Check my work 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 Beginning inventory, January 1, 2021 Purchases January 15 January 21 2,500 units ! $100 each 2,300 units 5105 each January 5 January 22 January 29 Ending inventory, January 31, 2021 1,150 units 1,550 units 1,000 units 2,300 units $125 each $135 each $140 each Required: 10. 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. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Req 1A and 1B Req 2 Reg 3A and 38 Reg 3C er 8 Homework i Help Save & Exit Submit Check my work Req 1A and 1B Req 2 Req 3A and 38 Reg 3C of units Cost per Cost of Goods Sale Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodie FIFO Ending Inventory - Periodic FIFO EIFO Available for # of units Cost per Cost of # of units Cost unit cost per Ending in ending Sold Goods Sold unit Inventory unit Inventory Beginning Inventory $ 0 $ 0 $ Purchases: January 15 January 21 0S Total 0 $ 0 $ 00 Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory. Periodic LIFO Cost per Cost of Goods #of units Cost per Available for cost of Cost per Ending unit Sold Goods Sold in ending unit Inventory Inventory Beginning Inventory $ 0 S OL 0 Purchases: January 15 January 21 A Total 0 $ # of units unit Sale 0