Retu Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic Inventory system. 550 units @ $65 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,200 units @ $80 each 1,000 units @ $85 each 500 units @ $125 each 900 units @ $115 each 350 units @ $120 each 1,000 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. Answer is not complete. Compute cost of goods sold for January and the ending Inventory using both the FIFO and LIFO methods. Req 1A and 1B Reg 2 Reg 3A and 38 Reg 3C MacBook Air Compute cost of goods sold for January and the ending inventory using hoth the FIFO and LIFO methods. Req 1A and 1B Req 2 Req 3A and 3B Reg 30 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of # of Cost Goods per units Available unit for Sale 550 $ 65 $ 35,750 Cost per units sold Cost of Goods Sold #of units in ending inventory Cost per unit Ending Invontory unit 0 $ 65 550 $ 65 $ 35,750 4 Beginning Inventory Purchases: January 15 January 21 Total 80 85 ,000 50 $ $ 500 $ 80 40,000 0 500 $ 40,000 Cost of Goods Sold - Periodic LIFO 1,200 $ 80 96,000 1,000 $ 85 85,000 2.750 $ 216,750 Cost of Goods Available for $ 600 39,750 Ending Inventory - Periodic LIFO Sale Cost per Cost per unit Ending Inventory LIFO Cost per unit # of units Cost of Goods Available for Sale # of units in ending Inventory # of units sold unit Cost of Goods Sold $ 0 $ 0 0 0 Beginning Inventory Purchases: January 15 January 21 Total 0 $ 00 $ 0 0 0 0 Req3A and 3B > ( Reg 1A and 18 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 38 Reg 3ch 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 Cost # of Goods units Available unit for Sale per units sold Cost per unit Cost of Goods Sold of units in ending Inventory Cost per unit Ending Inventory $ 0.00 $ 0.00 $ 0 Beg. Inventory Purchases: January 15 January 21 Total 0.00 0. 000 $ 0. 000 0.00 $ 0 0 0 0 Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic UFO LIFO: Cost of Goods Available for Sale -LIFO Cost of Cost Goods per units Available unit for Sale of # of units sold Cost per unit Cost of Goods Sold #of units in ending Inventory Cost per unit Ending Inventory $ $ $ 0.00 0.00 0 0.00 0 Beg. Inventory Purchases: January 15 January 21 Total 0.00 0.00 0.00 $ 00$ 0 0
