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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. 1,450 units @ $65 each 3,000 units @ $80 each 2,800 units @ $85 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 1,400 units @ $105 each 1,800 units @ $115 each 1,250 units @ $120 each 2,800 units 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 and 1B Reg 2 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Req 1A and 1B Reg 2 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods # of units Available for unit Cost per Cost per # of units sold Cost of Goods Sold Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory unit Sale Beginning Inventory Purchases: January 15 January 21 Total Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Cost per Cost per # of units sold Cost per Ending Inventory - Periodic LIFO # of units Ending in ending unit Inventory inventory Cost of Goods Sold unit Beginning Inventory Purchases: January 15 January 21 Total