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, 2016 750 units $ 85 each Purchases January 15 January 21 1,600 units 1,400 units $100 each $105 each Sales January 5 January 22 January 29 700 units 1,100 units 550 units 1,400 units $125 each $135 each $140 each Ending inventory, January 31, 2016 Required 1.1 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2016? LIFO FIFO 1.2 Which method will result in the highest ending inventory balance? LIFO O FIFO