Alta Ski Company's Inventory records contained the following Information regarding its latest Inventory system. 600 units @ $80 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1, eee units @ $95 each 800 units @ $1ee each 4ee units @ $120 each 8ee units @ $130 each 400 units @ $135 each 800 units Required: 1a. Which method. FIFO or LIFO, will result in the highest cost of goods sold figure for January 20 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 LIFC 3a. Assume that Inventory costs were declining during January. The Inventory purchased on Janu Inventory purchased on January 21 had a unit cost of $65. All other Information is the same. Which the highest cost of goods sold figure for January 2021? 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 LIFC Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO metho brk (max 230) Assigned i Saved Help Save Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 600 units @ $80 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,000 units @ $95 each 800 units @ $100 each 400 units @ $120 each 800 units @ $130 each 400 units @ $135 each 800 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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 $70, and the inventory purchased on January 21 had a unit cost of $65. All other information is the same. Which method. FIFO or LIFO will result in the highest cost of goods sold figure for January 2021? 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 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. ch Connect - Google BE Compute cost of goods sold for January and the ending inventory using both the FIF Req 1A and 1B Req 2 Req 3A and 3B Req 3C Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for Ja balance? 1a. Highest-cost of goods sold figure 1b. Highest ending inventory balance Req 2 > wow YouTube mework (max 230) Assigned i Served Help Reg 1A and 1B Reg 2 Req 3A and 3B Req 3C Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold Periodic Fil FIFO Cost of Goods Available for Sale Cost Cost of Gods # of units per Available for unit Sale 600 $ 80 $ 48,000 # of units sold Cost per Ending #of units in ending inventory Cost of Goods Sold Cost per unit unit Ending Inventory $ 80 $ 80 $ 0 Beginning Inventory Purchases January 15 January 21 Total $ $ 95 0 1,000 $ 95 800 $ 100 2,400 95,000 80,000 223,000 95 100 $ 0 $ 100 $ 0 $ 0 0 $ 0 Cost of Goods Sold - Periodic LIFO LIFO Cost per Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 600 $ 80 $ 48,000 # of units sold Cost per Ending Inventory - Periodic LIFO # of units in ending Ending unit inventory Inventory $ 80 Cost of Goods Sold Cost per unit $ 80 $ 0 Beginning Inventory Purchases January 15 January 21 Total 95,000 1.000 $ 95 800 $ 100 2,400 $ S 95 100 80.000 223,000 S S 95 100 0 S 0 $ 0 0 $ 0 earch i 14 Connect - Google ework (max 230) Assigned Saved Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Req 1A and 1B Reg 2 Req 3A and 3B Reg 30 Assume that inventory costs were declining during January. Which method, FIFO or LIFO, will result in the highest goods sold figure for January 2021 and highest ending inventory balance? 3a Highest cost of goods sold figure Highest ending inventory balance 3b. Moyt Reg 1A and 1B Req 2 Req 3A and 38 Req3C Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of # of Cost per Goods units unit Available for Sale 600 $ 80.00 $ 48,000 # of units sold Cost per Cost of Goods Sold unit #ol units in ending inventory Cost per unit Ending Inventory $ 80.00 $ 80.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 70.00 65.00 70.00 1,000 800 2,400 70.00 0 70,000 52,000 170,000 65.00 0 65.00 S 0 $ 0 0 $ 0 Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: Cost of Goods Available for Sale -LIFO Cost of # of Cost per Goods units unit Available for Sale 600 $ 80.00 S 48.000 # of units sold Cost per unit Cost of Goods Sold #of units in ending inventory Cost per unit Ending Inventory $ 80.00 $ 80.00 $ 0 Beg. Inventory Purchases January 15 January 21 Total 1.000 70.00 70.00 0 65.00 70.00 65.00 800 2.400 70.000 52.000 170,000 0 65.00 S 0 S 0 0 S 0 Prey TA