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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. 850 units @ $95 each 1,800 units @ $110 each 1,600 units @ $115 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 800 units @ $135 each 1,200 units @ $145 each 650 units @ $150 each 1,600 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 $85, and the inventory purchased on January 21 had a unit cost of $80. 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. Req 1A and 1B Req 2 Req 3A and 3B Req 3C Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. FIFO Cost per Available for Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units # of units Cost of unit sold unit Goods Sold Sale 850 $ 95 S 80,750 $ 95 Cost per Ending Inventory - Periodic FIFO # of units Ending in ending unit inventory Inventory $ 95 $ 0 Beginning Inventory Purchases: January 15 January 21 Total 110 198,000 $ 110 $ 110 0 1,800 $ 1,600 $ 4,250 115 184,000 $ 115 0 $ 115 $ 462,750 0 $ 0 0 $ 0 LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units # of units Cost per Cost of unit sold unit Goods Sold Sale 850 $ 95 S 80,750 $ 95 $ 0 Cost per Available for Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit inventory Inventory $ 95 Beginning Inventory Purchases: January 15 January 21 Total $ 110 $ 110 $ 110 1,800 1,600 $ 115 198,000 184,000 462,750 $ 115 $ 115 0 4,250 $ 0 $ 0 $ 0 Assume that inventory costs were declining during January. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 and highest ending inventory balance? . Highest cost of goods sold figure Highest ending inventory balance 3b. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO FIFO: Cost of Goods Available for Sale - FIFO Cost of # of Cost per Goods units unit Available for Sale # of units sold Cost per unit Cost per Cost of Goods Sold # of units in ending inventory unit Ending Inventory 850 $ 95.00 $ 80,750 $ 95.00 $ 95.00 S 0 Beg. Inventory Purchases: January 15 January 21 Total 1,800 85.00 153,000 85.00 85.00 0 80.00 80.00 0 80.00 1,600 4,250 128,000 361,750 $ 0 $ 0 0 S 0 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 850 $ 95.00 $ 80,750 Cost per # of units sold Cost per Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory $ 95.00 $ 95.00 $ Beg. Inventory Purchases: January 15 January 21 Total 1,800 85.00 85.00 85.00 0 153,000 128,000 1,600 80.00 80.00 0 80.00 4,250 $ 361,750 0 $ 0 0 0