Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 700 units @ $80 each 1,500 units @ $95 each 1,300 units @ $100 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 650 units @ $120 each 1,850 units @ $130 each 508 units @ $135 each 1,300 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 1B 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 Reg 2 > 8 HW Seved Help 700 units @ $80 each 1,500 units @ $95 each 1,300 units @ $100 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 650 units @ $120 each 1,058 units @ $130 each 500 units @ $135 each 1,300 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. Cost per 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 Ending Inventory - Periodic FIFO FIFO Cost of Goods # of units Cost per Cost of # of units # of units Available for Cost per Ending unit sold unit Goods Sold in ending Sale Inventory Inventory Beginning Inventory Purchases January 15 January 21 Total unit Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale # of units sold Cost per Cost of Goods Sold Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory Inventory unit Beginning Inventory Purchases January 15 January 21 Total