Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.

$\backslash$table$[[$Beginning inventory, January $1,2024,550$ units @ $$65$ each$],[$Purchases:$,1,200$ units @ $$80$ each$],[$January $15,1,000$ units @ $$85$ each$],[$January $21,500$ units @ $$105$ each$],[$Sales:$,900$ units @ $$115$ each$],[$January $5,350$ units @ $$120$ each$],[$January $22,1,000$ units$]]$

Required:

$1$a$.$ Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January $2024?$

$1$b$.$ 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.

$3$a$.$ Assume that inventory costs were declining during January. The inventory purchased on January $15$ had a unit cost of $$55,$ and the inventory purchased on January $21$ had a unit cost of $$50.$ All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January $2024?$

$3$b$.$ Which method will result in the highest ending inventory balance?

$3$c$.$ 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 $1$A and $1B$

Req $2$

Req $3$A 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?

$1$a$.$ Highest cost of goods sold figure

$1$b$.$ Highest ending inventory balance