Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 600 units @ $80 each 1,000 units @ $95 each 800 units @ $100 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 400 units @ $120 each 800 units @ $130 each 400 units e $135 each 800 unita Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 16. 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 $70, and the inventory purchased on January 21 had a 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. Tor Jary 2021? 15. 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 $70, and the inventory purchased on January 21 had a 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 Reg 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 1 and Req2 ) 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 Reg 3C 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 per # of units Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale 600 $ 80 $ 48,000 Cost per unit sold Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit inventory Inventory $ 80 $ 0 Cost of Goods Sold $ 80 Beginning Inventory Purchases: January 15 January 21 Total 95,000 $ 95 95 0 1,000 800 $ 95 $ 100 $ s $ 100 0 100 80,000 223,000 2.400 $ 0 $ 0 0 $ 0 Cost of Goods Sold - Periodic LIFO LIFO Cost per Cost per Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 600 $ 80 $ 48,000 # of units sold Ending Inventory - Periodic LIFO # of units Cost per in ending Ending unit inventory Inventory $ 80 Cost of Goods Sold unit $ 80 $ 0 Beginning Inventory Purchases: January 15 January 21 Total $ 95 $ 95 1,000 800 $ 95 $ 100 95,000 80,000 223,000 $ 100 $ 100 0 2,400 $ 0 $ 0 0 $ 0 Reg 1A and 1B Reg 2 Req 3A and 3B Req 3C Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale - FIFO Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO FIFO: # of units Cost per unit Cost per # of units sold Cost of Goods Available for Sale $ 48,000 Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory 600 $ 80.00 $ 80.00 $ 80.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 0 1,000 800 2,400 70.00 65.00 70,000 52,000 170,000 70.00 65.00 70.00 65.00 0 $ 0 $ 0 0 $ 0 Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: Cost of Goods Available for Sale -LIFO Cost of # of Cost per Goods units unit Available for Sale 600 $ 80.00 $ 48,000 Cost per Cost per #of units sold unit Cost of Goods Sold # of units in ending Inventory unit Ending Inventory $ 80.00 $ 80.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 1,000 70.00 0 70.00 65.00 70.00 65.00 800 70,000 52,000 $ 170,000 0 65.00 2.400 0 $ 0 0 $ 0 Req 3A and 3B 24 >