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 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 600 units @ $70 each 1,300 units @ $85 each 1,100 units @ $90 each 550 units @ $110 each 950 units @ $120 each 400 units @ $125 each 1,100 units Ending inventory, January 31, 2024 Required: 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 $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 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 3B 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 Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 2 Req 3A and 3B Req 3C Cost of Goods Available for Sale Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Ending Inventory - Periodic FIFO Cost of Goods Sold - Periodic FIFO Number of FIFO Beginning Inventory Purchases: Number Cost of units per unit Cost of Goods Available for Number of units Cost per unit Cost of Goods Sold units in Cost per Ending Sale sold ending inventory unit Inventory 600 $ 70 S 42,000 $ 70 $ 70 January 15 January 21 Total 1,300 S 85 110,500 $ 85 1,100 S 90 3,000 99,000 S 90 $ 85 $ 90 S 251,500 Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Number of LIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold units in Cost per Ending ending unit Inventory inventory Beginning Inventory Purchases: 600 S 70 S 42,000 $ 70 $ 70 January 15 1,300 $ 85 110,500 $ 85 January 21 1,100 S 90 99,000 $ 90 Total 3,000 S 251,500 < Req 1A and 1B Req 3A and 3B > $ 85 $ 90 Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 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 2024 and highest ending inventory balance? 3a. Highest cost of goods sold figure 3b. Highest ending inventory balance < Req 2 Req 3C > Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 2 Req 3A and 3B Req 3C Cost of Goods Available for Sale - FIFO Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Inventory Balance - Periodic FIFO Cost of Goods Sold - Periodic FIFO FIFO: Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units in sold ending inventory Cost per unit Ending Inventory Beginning Inventory 600 $70.00 $ 42,000 S 70.00 $ 70.00 Purchases: January 15 1,300 60.00 78,000 January 21 1,100 55.00 60,500 Total 3,000 $ 180,500 60.00 55.00 60.00 55.00 -LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: Number Cost per of units unit Cost of Goods Available for Number of units Cost per unit Cost of Goods Sold Number of units in sold Sale ending inventory Cost per unit Ending Inventory Beginning Inventory 600 $70.00 $ 42,000 S 70.00 $ 70.00 Purchases: January 15 1,300 60.00 78,000 January 21 1,100 55.00 60,500 60.00 55.00 60.00 55.00 Total 3,000 $ 180,500 < Req 3A and 3B Req 3C >