SAD LILLE 20 ALL CYCLE 20 A 8 Homework Help Save & Exit Submit Check my work Alta Ski Company's Inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1,200 units @ $85 each 2,500 units @ $100 each 2.300 units $105 each Beginning inventory. January 1, 2021 Purchases January 15 January 21 Sales: January 5 January 22 January 29 Ending Inventory, January 31, 2021 1.150 units 1.550 units 1,000 units 2,300 units $125 each $135 each $140 each 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 $75, and the inventory purchased on January 21 had a unit cost of $70. 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. Reg 1A and 1B Reg 2 Reg 3A and 38 Reg 3C Help Save & Exit Submit Check my work 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 $75, and the Inventory purchased on January 21 had a unit cost of $70. 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. 3:50:51) Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Req 1A and 18 Reg 2 Req 3A and 38 Reg 3C 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 per Goods units unit Available for Sale Cost per Ending of units sold Cost per unit cost of # of units Goods Sold in ending unit Goods Sold Inventory unit Inventa $ 0.00 $ 0.00 $ 0.00 Beg. Inventory Purchases: January 15 January 21 Total 0.00 0.00 000 0S00