Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 550 units @ $65 each 1,200 units @ $80 each 1,000 units @ $85 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 500 units @ $105 each 900 units @ $115 each 350 units @ $120 each 1,000 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. Complete this question by entering your answers in the tabs below. Reg 1A and 1B Reg 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 Req 2 > Req 1A and 1B Req 2 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Cost per # of units sold Cost per Cost of Goods Sold Ending Inventory - Periodic FIFO # of units Ending in ending unit Inventory inventory Cost per unit Beginning Inventory Purchases January 15 January 21 Total LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost of # of units Available for unit unit Goods Sold Sale Cost per Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory sold Beginning Inventory Purchases January 15 January 21 Total