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, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 600 units @ $70 each 1,300 units @ $85 each 1,100 units @ $90 each Pe 550 units @ $110 each 950 units @ $120 each 400 units @ $125 each 1,100 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. 3a. Assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $60, and the inventory purchased on January 21 had a unit cost of $55. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021?

Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system Required: 10. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 ? 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. 3a. Assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $60, and the inventory purchased on January 21 had a unit cost of \$55. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods