Alta Ski Company's inventory records contained the following information regarding its latest ski model The company uses a periodic inventory system Seginning inventory, January 1, 2021 se units e$50 each o units $95 each units sich Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending Inventory, January 31, 2021 Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sola igure for January 2021? 1b. Which method will result in the highest ending inventory balance 2. Compute cost of goods sold Tor January and the ending inventory using both the FIFO and Lif methods. 30 Assume that inventory costs were dening during January. The inventory purchased on January 15 had a unit cost of $70, and the Inventory purchased on January 21 had unit cost of $65. 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 Reg 2 Rea 3A and 38 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 Req 2 Reg 1A and 18 Reg 2 Reg 3A and 38 Reg 30 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 - Periodic FIFO FIFO Cost of Goods Cost per Available for Sale # of units of units sold Ending Inventory - Periodic FIFO #ol units Cost per Ending in ending Inventory inventory Cost per u nit unit Cost of Goods Sold sold Good Unit Beginning Inventory Purchases January 15 January 21 Total LIFO Cost of Goods Available for Sale Cost of Goods of units cost per Available for unit Sale Cost of Goods Sold - Periodic LIFO #of units Cost per Cost of sold unit Goods Sold Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory Beginning Inventory Purchases: January 15 January 21 Total ( Req 1A and 1B Req 3A and 3B > Req 1A and 1B Reg 2 Req 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? 3a Highest cost of goods sold figure Highest ending inventory balance 3b ( Req 2 Req3C > Cost of Goods Available for Sale FIFO Cost of Goods Sold - Periodic FIFO Inventory Balance Periodic FIFO FIFO sof units Cost per unit Cost of Goods Available for Sale Cost per unit Cost of of units Goods Solin ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases January 15 January 21 . Total Cost of Goods Sold Periodic LIFO Inventory Balance Periodic LIFO Cost of Goods Available for Sale - LIFO Cost of # of Cost per Goods units unit Available for Sale of Cost per unit Cost of Goods Sold of units in ending inventory Cost per unit Ending Inventory Sold Beg Inventory Purchases January 15 January 21 Total 1 - TI TIRE (Reg 3A and 3B