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, 2018 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 January 29 Ending inventory, January 31, 2018. 1,350 units @ $100 each 1,750 units @ $110 each 1,200 units @ $115 each 2,700 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 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. Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 2 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 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. Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 2 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. FIFO unit Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory $ 0 $ 0 $ 0 $ 0 $ 0 Beginning Inventory Purchases: January 15 January 21 Total 0 0 $ 0 0 0 $ 0 0 $ 0 0 $ 0 Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO 0 0 $ 0 0 0 $ 0 Ending Inventory - Periodic LIFO LIFO # of units Cost per Cost of Goods Available for # of units unit sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory Sale inventory $ 0 $ 0 $ 0 $ 0 $ 0 Beginning Inventory Purchases: January 15 January 21 Total 0 $ 0 0 $ 0 0 0 $ 0 0 EA $ 0 0 0 $ 0 $ 0 0 $ 0