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 1,400 units @ $60 each Purchases: January 15 2,900 units @ $75 each January 21 2,700 units @ $80 each Sales: January 5 January 22 1,350 units @ $100 each 1,750 units @ $110 each 1,200 units @ $115 each January 29 Ending inventory, January 31, 2024 2,700 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 $50, and the inventory purchased on January 21 had a unit cost of $45. 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. 1a. Highest COGS fiqure: LIFO