Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1,250 units @ $90 each 2,600 units @ $105 each 2,400 units @ $110 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 1,200 units @ $130 each 1,600 units @ $140 each 1,050 units @ $145 each 2,400 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. Req 1A and 1B Req 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 16. Highest ending inventory balance Req 1A and 1B Req 2 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 Cost per # of units # of units Cost per Cost of # of units Available for Ending unit Cost per sold unit in ending Goods Sold unit Inventory Sale inventory Beginning Inventory $ Purchases: January 15 0 $ January 21 $ Total $ 0 0 $ 0 $ 0 $ 0 0 0 $ 0 0 0 0 0 $ 0 0 0 0 0 0 $ 0 Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale $ 0 # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 0 $ 0 $ 0 $ 0 Beginning Inventory Purchases: January 15 January 21 Total 0 $ 0 $ 0 0 OO 0 $ 0 $ 0 0 0 SA 0 0 $ 0 0 $ 0