Exercise 8-15 Comparison of FIFO and LIFO; periodic system [LO8-1, 8-4] 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, 2018 1,200 units $85 each January 15 January 21 2,500 units $100 each 2,300 units $105 each Sales: January January 22 January 29 1,150 units $125 each 1,550 unit @ $135 each 1,000 units $140 each 2,300 units Ending inventory, January 31, 2018 Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 1b. Which method will result in the highest ending inventory balance? 2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Complete this question by entering your answers in the tabs below Req 1A andReq 2 18 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. of Goods Available for Sale Cost of Goods Sold - Periodic FIFO ding Inventory - Periodic FI # of units | Cost of FIFO Cost Goods | # of units Cost per Cost of Cost per Ending # of units per unit Available for sold Sale unit Goods Sold in ending unit Inventory Beginning Inventory January 15 January 21 Total Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost of # of units unit Goods Sold in ending LIFO Cost Goods | # of units Cost per Cost of | Cost per Ending # of units per unit Available for sold Sale unit Inventory Beginning Inventory 01$ January 15 January 21 Total