Transcribed image text: 9 Exercise 8-15 Comparison of FIFO and LIFO; periodic system (LO8-1, 8-4] Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1.53 points 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 600 units @ $115 each 1,000 units @ $125 each 450 units @ $130 each 1,200 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A and 1B Req 2 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. FIFO Cost of Goods Available for Sale Cost of # of Cost Goods per units Available unit for Sale 650 $ 75 $ 48,750 Cost of Goods Sold - Periodic FIFO # of Cost of units Cost per Goods sold unit Sold 600 $ 75 $ 45,000 Ending Inventory - Periodic FIFO # of units in Cost Ending ending per unit Inventory inventory 50 $ 75 3,750 Beginning Inventory Purchases: January 15 January 21 Total 1,450 X 130,500 1,400 1,200 3,250 $ 90 $ 95 126,000 114,000 288,750 $ $ 90 95 0 1,200 1,250 $ $ 90 95 0 114,000 $ 117,750 $ 2,050 $ 175,500 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. 1.53 points Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A and Reg 2 1B 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 Cost # of Goods units Available unit for Sale 650 $ 75 $ 48,750 # of Cost per units sold 600 $ 75 per Ending Inventory - Periodic FIFO # of units in Cost Ending ending per unit Inventory inventory 50 $ 75 $ 3,750 Cost of Goods Sold unit $ 45,000 Beginning Inventory Purchases: January 15 January 21 Total 126,000 1,450 130,500 1,400 1,200 3,250 $ 90 $ 95 $ $ 90 95 0 1,200 1,250 $ $ 90 95 114,000 $ 117,750 $ 288,750 2,050 $ 175,500 Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of # of Cost Goods per units Available unit for Sale 650 $ 75 $ 48,750 # of units Cost per Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in Cost Ending ending per unit Inventory inventory 50 $ 75 $ 3,750 sold unit 600 $ 75 $ 45,000 Beginning Inventory Purchases: January 15 January 21 Total 1,450 130,500 1,400 1,200 3,250 $ 90 $ 95 126,000 114,000 288,750 $ $ 90 95 0 1,150 1,200 $ $ 90 95 0 109,250 $ 113,000 $ 2,050 $ 175,500