Assume that inventory costs were declining during January. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 and highest ending inventory balance? Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 ? 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. 3a. Assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $55, ar the inventory purchased on January 21 had a unit cost of $50. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 ? 3b. Which method will result in the highest ending inventory balance? 3c. 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. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 and highest ending inventory balance? \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline Req 1A and 1B & Req 2 & \multicolumn{2}{|c|}{ Req 3A and 3B} & Req 3C & & & & & & \\ \hline \multicolumn{11}{|c|}{ Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. } \\ \hline \multirow[b]{2}{*}{ FIFO: } & \multicolumn{4}{|c|}{\begin{tabular}{c} Cost of Goods Available for Sale \\ - FIFO \end{tabular}} & \multicolumn{3}{|c|}{\begin{tabular}{l} Cost of Goods Sold - Periodic \\ FIFO \end{tabular}} & \multicolumn{3}{|c|}{ Inventory Balance - Periodic FIFO } \\ \hline & \begin{tabular}{l} Number \\ of units \end{tabular} & \multirow{2}{*}{\begin{tabular}{|c|} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $65.00 \\ \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost of \\ Goods \\ Available for \\ Sale \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Number \\ of units \\ sold \end{tabular}} & \begin{tabular}{l} Cost per \\ unit \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost of \\ Goods Sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Number of \\ units in \\ ending \\ inventory \end{tabular}} & \begin{tabular}{l} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 1,450 & & $ & 94,250 & & $65.00 & & & 65.00 & $ \\ \hline \multicolumn{11}{|l|}{ Purchases: } \\ \hline January 15 & 3,000 & 55.00 & & 165,000 & & 55.00 & & & 55.00 & 0 \\ \hline January 21 & 2,800 & 50.00 & & 140,000 & & 50.00 & 0 & & 50.00 & \\ \hline \multirow[t]{2}{*}{ Total } & 7,250 & & $ & 399,250 & 0 & & $ & 0 & & $ \\ \hline & \multicolumn{4}{|c|}{\begin{tabular}{c} Cost of Goods Available for Sale \\ - LIFO \end{tabular}} & \multicolumn{3}{|c|}{\begin{tabular}{c} Cost of Goods Sold - Periodic \\ LIFO \end{tabular}} & \multicolumn{3}{|c|}{ Inventory Balance - Periodic LIFO } \\ \hline IFO: & \begin{tabular}{l} Number \\ of units \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{r} C \\ Ava \\ \end{tabular} & \begin{tabular}{l} ost of \\ ioods \\ lable for \\ Sale \end{tabular} & \begin{tabular}{c} Number \\ of units \\ sold \end{tabular} & \begin{tabular}{l} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} & \begin{tabular}{c} Number of \\ units in \\ ending \\ inventory \end{tabular} & \begin{tabular}{l} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 1,450 & $65.00 & $ & 94,250 & & 65.00 & & & 65.00 & $ \\ \hline \multicolumn{11}{|l|}{ Purchases: } \\ \hline January 15 & 3,000 & 55.00 & & 165,000 & & 55.00 & & & 55.00 & 0 \\ \hline January 21 & 2,800 & 50.00 & & 140,000 & & 50.00 & 0 & & 50.00 & \\ \hline Total & 7,250 & & $ & 399,250 & 0 & & $ & 0 & & $ \\ \hline \end{tabular}