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, 2024	1,400	units @ $60 each
Purchases:
January 15	2,900	units @ $75 each
January 21	2,700	units @ $80 each
Sales:
January 5	1,350	units @ $100 each
January 22	1,750	units @ $110 each
January 29	1,200	units @ $115 each
Ending inventory, January 31, 2024	2,700	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 $50, and the inventory purchased on January 21 had a unit cost of $45. 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.

Req 1A and 1B Req 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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{ FIFO } & \multicolumn{5}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{4}{|c|}{ Cost of Goods Sold - Periodic FIFO } & \multicolumn{4}{|c|}{ Ending Inventory - Periodic FIFO } \\ \hline & \multirow{2}{*}{\begin{tabular}{r} \begin{tabular}{c} Number \\ of units \end{tabular} \\ 1,400 \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost of Goods \\ Available for \\ Sale \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Number \\ of units \\ sold \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost of \\ Goods Sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} Number of \\ units in \\ ending \\ inventory \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Ending \\ Inventory \end{tabular}} \\ \hline & & $ & 60 & $ & 84,000 & & $ & 60 & & & $ & 60 & \\ \hline \multicolumn{14}{|l|}{ Purchases: } \\ \hline January 15 & 2,900 & $ & 75 & & 217,500 & & $ & 75 & & & $ & 75 & \\ \hline January 21 & 2,700 & $ & 80 & & 216,000 & & $ & 80 & & & $ & 80 & \\ \hline \multirow[t]{2}{*}{ Total } & 7,000 & & & $ & 517,500 & & & & & & & & \\ \hline & \multicolumn{5}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{4}{|c|}{ Cost of Goods Sold - Periodic LIFO } & \multicolumn{4}{|c|}{ Ending Inventory - Periodic LIFO } \\ \hlineLIFO & \begin{tabular}{l} Number \\ of units \end{tabular} & \begin{tabular}{r} Cost p \\ unit \end{tabular} & & Cos & \begin{tabular}{l} f Goods \\ able for \\ ale \end{tabular} & \begin{tabular}{c} Number \\ of units \\ sold \end{tabular} & & & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} & \begin{tabular}{c} Number of \\ units in \\ ending \\ inventory \end{tabular} & & & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 1,400 & $ & 60 & $ & 84,000 & & $ & 60 & & & $ & 60 & \\ \hline \multicolumn{14}{|l|}{ Purchases: } \\ \hline January 15 & 2,900 & $ & 75 & & 217,500 & & $ & 75 & & & $ & 75 & \\ \hline January 21 & 2,700 & $ & 80 & & 216,000 & & $ & 80 & & & $ & 80 & \\ \hline Total & 7,000 & & & $ & 517,500 & & & & & & & & \\ \hline \end{tabular} Assume that inventory costs were declining during January. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 and highest ending inventory balance? Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 and highest ending inventory balance