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:

$1$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 $$75,$ and the inventory purchased on January $21$ had a unit cost of $$70.$ All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January $2024?$

$3$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.

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

$1$b$.$ Highest ending inventory balance