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Exercise 8.16 (AIgo) Comparison of FIFO and LiFO: periodic system [LOB-1, 8-4] inventory systitim Required: fa. Which method, FFO or L.FO, will result in the highest cost of goods sold figure for Jahualy 2024? 16. Which method will result in the highest ending inventory balance? 2. Compute cost of goods sold for January and the ending laveotory using both the FIFO-and LFO mothods 3a. Assume that inventory costs were decluning duting Jonjary. The inventory purchased on January 15 bad a unit cost of \$80, and the inventogy purchased on January 21 had a unit cost of $75. All othere information is the same. Which method, FIFO or GiFO, Wil teruit in. the highest cost of goods sold figure for Jananry 2024 ? 3b. Which method will rosult in the highest ending inventory balance? 3e. Compune cost of goods sold for January and the ending irventory using both the FFFO and UFO methods: Complete this question by entering your answers in the tabs below. Compute cost of goods sold for fanuary and the ending imventory using both the BFF and LFO methods. 16. Which method will fesult in the highest ending irventory balance? 2. Compute cost of goods sold for January and the ending inventory using both the FFFO and LEO methods 3a. Assurte that inventory costs were daclining during danuary. The inventory purchased on Jontary ts had a unit cost or $80, and the Inventory purchased on January 21 had a unit cost of $75. All other information is the same. Which method, FaFO or LiFo, whe resulan. the highest cost of goods sold figure for January 2024 ? 3b. Which inethod wili result in the highest ending inventory baiance? 3c. Compute cost of goodis sold for January and the ending inventory using both the FIFO and LFO methods. Complete thin question by entering your answers in the tabs below. Compute-cost of goods soid for lanusry and the ending inventory using both the FiFo and 1 ifo methods