Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 800 units @ $90 each 1,700 units @ $105 each 1,500 units @ $110 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 750 units $130 each 1, 150 units @ $140 each 600 units $145 each 1,500 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 $80, and the Inventory purchased on January 21 had a unit cost of $75. 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. Req 1A and 1B Reg 2 Req 3A and 3B Req 30 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO Cost of Goods Available for Sale - FIFO Cost of # of Cost per Goods init Available for FIFO: w of cost per unit cost of of # of units Goods Sold in ending Cost per units Ending Inventar 1 Req 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 FIFO Inventory Balance - Periodic FIFO FIFO: Cost of Goods Available for Sale - FIFO Cost of # of Cost per Goods units unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0.00 $ Beg. Inventory Purchases: January 15 January 21 uary 21 Total 0.00 0.00 0. 000 0.00 0 $ 0 0 $ 0 Cost of Goods Available for Sale - LIFO Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: # of units cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 | $ 0.00 $ Beg. Inventory Purchases: January 15 January 21 0.00 0.001 Total 0.00 0.00 $ 00S Req3c >
