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, 750 units 85 each 2016 Purchases 1,600 units $100 each January 15 1,400 units $105 each January 21 Sales 700 units $125 each January 5 1,100 units $135 each January 22 January 29 550 units $140 each Ending inventory, January 31, 2016 1,400 units Required: 1.1 Which method, FlFO or LIFO, will result in the highest cost of goods sold figure for January 2016? LIFO O FIFO 1.2 Which method will result in the highest ending inventory balance? O FIFO LIFO 2. Compute cost of goods sold for January and the ending inventory using both the FlFO and LIFO methods Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO Ending Inventory -Periodic FlFO Cost per Cost of Goods it of units Cost per of units unit Available for unit of units in Cost per Ending FIFO Cost of Goods Sold ending Inventory unit Sale inventory Beginning Inventory Purchases: January 15 January 21 0 0 0 0 Total Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory Periodic LIFO of units in Cost per Ending Cost of Goods of units Cost per Available for of units Cost per LIFO Cost of Goods Sold ending sold unit unit unit Inventory Sale inventory Beginning Inventory 0 0 Purchases January 15 January 21 Total 0 0 0