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 1,250 units @ $90 each 2,600 units @ $105 each 2,400 units @ $110 each January 22 January 29 Ending inventory, January 31, 2021 Required: 1,200 units @ $130 each 1,600 units @ $140 each 1,050 units @ $145 each 2,400 units 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 $80, and the inventory purchased on January 21 had a unit cost of $75. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. 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 2021 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance