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 Sales: January 21 January 5 January 22 January 29 Ending inventory, January 31, 2024 Required: 850 units $95 each 1,800 units $110 each 1,600 units 800 units $115 each. $135 each 1,200 units $145 each 650 units @ $150 each 1,600 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 $85, and the inventory purchased on January 21 had a unit cost of $80. 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 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 FIFO Number Cost per of units unit Cost of Goods Available for Number of units Cost per Sale sold unit Cost of Goods Sold Ending Inventory-Periodic FIFO Number of units in ending inventory Cost per unit Ending Inventory k ces 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 Number Cost per of units unit Cost of Goods Available for Sale Number Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Ending Inventory - Periodic FIFO Number of units in Cost per Cost of Goods Sold - Periodic FIFO Cost per of units unit Cost of Goods Sold sold Beginning Inventory Purchases: January 15 January 21 Total 850 $ 95 $ 80,750 $ 95 Ending ending unit Inventory inventory $ 95 $ 0 1,800 $110 198,000 $ 110 1,600 $115 4,250 184,000 $ 115 0 $ 462,750 0 $ 0 $ 110 0 $ 115 0 $ 0 LIFO Beginning Inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory - Periodic LIFO Number of Number Cost per of units Cost of Goods Number Cost per unit Available for Sale of units unit Cost of Goods Sold units in Cost per sold ending unit Ending Inventory Inventory 850 $ 95 $ 80,750 $ 95 $ 0 $ 95 January 15 1,800 $110 198,000 $ 110 $ 110 January 21 1,600 $ 115 184,000 $ 115 $ 115 0 Total 4,250 $ 462,750 0 $ 0 0 $ 0