Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units @ $85 each 1,600 units @ $100 each 1,400 units @ $105 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units @ $125 each 1,100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 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. Complete this question by entering your answers in the tabs below. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO Cost of Goods # of units # of units per Costo Cost per unit Available for Sale Cost of Goods Sold Ending Inventory - Periodic FIFO # of units Cost per Ending in ending inventory unit Inventory $ 0 $ unit sold $ 0 $ O Beginning Inventory Purchases: January 15 January 21 Total 0 $ 0 O 0 $ 0 0 $ 0 $ 0 Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods # of units ca S unit Available for Sale per # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic LIFO # of units Cost per in ending Ending Inventory inventory $ 0 unit 0 $ $ Beginning Inventory Purchases: January 15 January 21 Total 0 $ 0