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, 2024 1,100 units $75 each Purchases: January 15 2,300 units $90 each 2,100 units $95 each January 21 Sales: January 5 January 22 January 291 Ending inventory, January 31, 2024 Required: 1,050 units @ $115 each 1,450 units $125 each 900 units $130 each 2,100 units 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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 $65, and the inventory purchased on January 21 had a unit cost of $60. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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. Complete this question by entering your answers in the tabs below. Req 1A and 18 Req 2 Req 3A and 38 Req 3C Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Req 1A and 1B Req 2 Req 3A and 38 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 Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Number of FIFO Cost of Goods Number Cost per of units Available for Number of units Cost per unit unit Cost of Goods Sold units in Cost per Ending Sale soldi ending Inventory unit Inventory Beginning Inventory Purchases: 1,100 $ 75 $ 82,500 $ 75 $ 75 January 15 January 21 Total 2,300 $ 2,100 $ 95 5,500 90 207,000 $ 90 199,500 $ 95 $ 90 $ 95 $ 489,000 Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory-Periodic LIFO Number of LIFO Number Cost per of units unit Cost of Goods Available for Sale Number Cost per of units unit Cost of Goods Sold units in Cost per ending unit Ending Inventory sold Inventory 1,100 $ 75 $ 82,500 $ 75 $ 75 Beginning Inventory Purchases: January 15 January 21 2,300 $ 90 207,000 $ 90 Total 2,100 $ 95 5,500 199,500 $ 95 $ 489,000 $ 90 $ 95 equired: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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 $65, and the inventory purchased on January 21 had a unit cost of $60. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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. Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 2 Req 3A and 38 Req 3C ces 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 2024 and highest ending inventory balance? 3a. Highest cost of goods sold figure 3b. Highest ending inventory balance < Req 2 Req 3C > < Prev 7 of 9 Next > Req 1A and 1B Req 2 Req 3A and 3B Req 3C Cost of Goods Available for Sale Cost of Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. - FIFO Inventory Balance - Periodic FIFO Number of Cost of Goods Sold - Periodic FIFO FIFO: Number Number Cost per of units unit Goods Available for Cost per of units sold unit Cost of Goods Sold units in Cost per Sale , ending inventory unit Ending Inventory Beginning Inventory 1,100 $75.00 $ 82,500 $ 75.00 $ 75.00 Purchases: January 15. January 21 2,300 65.00 149,500 Total 2,100 60.00 5,500 126,000 $ 358,000 65.00 60.00 Cost of Goods Available for Sale Cost of Goods Sold - Periodic 65.00 60.00 Inventory Balance - Periodic LIFO LIFO LIFO Cost of Number of LIFO Number Cost per Number of units unit Goods Available for of units Cost per unit Cost of Goods Sold units in Cost per Ending ending unit Inventory sold Sale Inventory Beginning Inventory 1,100 $75.00 $ 82,500 $ 75.00 $ 75.00 Purchases: January 15 January 21 2,300 Total 65.00 2,100 60.00 5,500 149,500 65.00 126,000 60.00 65.00 60.00 $ 358,000