PLEASE HELP!

Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 700 units @ $80 each 1,500 units $95 each 1,300 units @ $100 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 650 units @ $120 each 1,050 units $130 each 500 units @ $135 each 1,300 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 $70, and the inventory purchased on January 21 had a unit cost of $65. 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. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. FIFO Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units # of units Cost of Available for unit sold unit Goods Sold Sale 700 $ 80 56,000 700 $ 80 $ 56,000 Cost per Ending Inventory - Periodic FIFO # of units Ending in ending unit inventory Inventory $ 80 $ 0 Cost per Beginning Inventory Purchases: January 15 January 21 Total 142,500 $ 95 $ 95 0 1,500 $ 95 1,300 $ 100 3,500 $ 100 0 $ 100 130.000 328,500 $ 700 $ 56,000 0 $ 0 LIFO Cost per Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost of # of units Available for unit sold unit Goods Sold Sale 700 $ 80 $ 56.000 80 $ 0 Ending Inventory - Periodic LIFO # of units in ending Ending unit Inventory inventory 80 Cost per $ $ Beginning Inventory Purchases: January 15 January 21 Total $ 95 95 A GA 1,500 $ 95 1,300 $ 100 3,500 142.500 130,000 328.500 $ 100 $ 100 $ 0 $ 0 $ Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. th the Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO FIFO: Cost of Goods Available for Sale - FIFO Cost of # of Goods units unit Available for Sale Cost per # of units Cost per Cost of Goods Sold Cost per unit # of units in ending inventory Ending Inventory unit sold 700 $ 80.00 $ 56.000 $ 80.00 $ 80.00 0 Beg. Inventory Purchases: January 15 January 21 Total 70.00 70.00 70.00 0 1,500 1,300 3,500 65.00 105,000 84.500 $ 245,500 65.00 0 65.00 0 $ 0 table for Sale Cost of Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: Cost of Goods Available for Sale LIFO Cost of # of Goods units unit Available for Sale 700 $ 80.00 56.000 Cost per Cost per # of units sold Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory $ 80.00 $ 80.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 70.00 70.00 70.00 0 1.500 1.300 3.500 65.00 105.000 84.500 $ 245,500 65.00 0 65.00 0 $ D 0 $ 0