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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, 2021 550 units @ $65 each Purchases: January 15 1, 200 units @ $80 each January 21 1,000 units @ $85 each Sales: January 5 500 units @ $105 each January 22 gee units @ $115 each January 29 350 units @ $120 each Ending inventory, January 31, 2021 1,080 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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, and 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 2021? 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. Prev 11 of 20 Next >