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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

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 1,2024750 units @ $85 each
Purchases:
January 151,600 units @ $100 each
January 211,400 units @ $105 each
Sales:
January 5700 units @ $125 each
January 221,100 units @ $135 each
January 29550 units @ $140 each
Ending inventory, January 31,20241,400 units
Required:
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 $75, and the inventory purchased on January 21 had a unit cost of $70. 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.
1a. Highest cost of goods sold figure
1b. Highest ending inventory balance

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