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 1,2018 Purchases 1,350 units @ $100 each January 15 January 21 2,800 units $115 each 2,600 units $120 each Sales: January S January 22 January 29 1,300 units @ $140 each 1,700 units $150 each 1,150 units $155 each 2,600 units Ending inventory, January 31, 2018 Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? lb. 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 Req 1A and 1B 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 Ending Inventory- Periodic FIFO FIFO Cost of Goods Available for |# of units | # of units Cost per unit Cost of Cost per unit Ending Inventory # of units cost per | Goods Sold in ending inventory Sale sold Beginning Inventory Purchases: January 15 January 21 Total Cost of Goods Available for Sale | Cost of Goods Sold Periodic LIFO | Ending inventory-Periodic LIFO # of units inventory LIFO Cost per | Cost per Ending unper | Available for | # of units | Goods Sold unit Goods Sold in ending Cost per Inventory Sale sold Beginning Inventory Purchases 0 0 $ January 15 January 21 0 0 0 Total