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, 2018 650 units @ $75 each Purchases: January 15 1,400 units @ $90 each January 21 1,200 units @ $95 each Sales: January 5 600 units @ $115 each January 22 1,000 units @ $125 each January 29 450 units @ $130 each Ending inventory, January 31, 2018 1,200 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.

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.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# 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
Beginning Inventory			$0		$0	$0		$0	$0
Purchases:
January 15			0		$0	0		$0	0
January 21			0		$0	0		$0	0
Total	0		$0	0		$0	0		$0
LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic 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
Beginning Inventory			$0		$0	$0		$0	$0
Purchases:
January 15			0		$0	0		$0	0
January 21			0		$0	0		$0	0
Total	0		$0	0		$0	0		$0