Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1,300 units @ $95 each 2, 700 units @ $110 each 2,500 units @ $115 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 1,250 units @ $135 each 1,650 units @ $145 each 1, 100 units @ $150 each 2,500 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. Reg 1A and 18 Reg 2 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 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. Req 1A and 18 Reg 2 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units Cost per Available for unit Sale # of units sold Cost of Ending Inventory - Periodic FIFO # of units in ending Cost per Ending inventory Inventory Cost per unit Goods Sold unit Beginning Inventory Purchases: January 15 January 21 Total LIFO Cost of Goods Available for Sale Cost of Goods Available for unit Sale Cost of Goods Sold - Periodic LIFO | Ending Inventory - Periodic LIFO inits Cost per cost of # of units Cost per Ending sold unit Goods Sold inventory unit Inventory of units Cost per # of units Cost per Cost of Goods Cost of in ending Beginning Inventory Purchases: January 15 January 21 Total