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, 2013	1,050	units	@	$	70	each
Purchases:
January 15	2,200	units	@	$	85	each
January 21	2,000	units	@	$	90	each
Sales:
January 5	1,000	units	@	$	110	each
January 22	1,400	units	@	$	120	each
January 29	850	units	@	$	125	each
Ending inventory, January 31, 2013	2,000	units

Required:

1.1

Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2013?

	LIFO
	FIFO

1.2

Which method will result in the highest ending inventory balance?

	LIFO
	FIFO

2.	Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods.