$8$ Graded Assignment $($i$)$

Alta Ski Company's inventory records contained the following information regarding is labest shid model. The compary uses a periodic inventory system.

$\backslash$table$[[$Beginaing inventory, January $1,2624,],[$Purchases $1,1,$aed units e $$95$ each$],[\backslash$table$[[$Janeary $15],[3$anuary $21]],600$ units e $$160$ each$],[$Salest$,480$ units e $$120$ each$],[$January $5,$sed units e $$139$ each$],[$Janwary $22,$tee units e $$135$ each$],[$January $29,860$ units$],[$Endimg ifwentory, January $31,2024,]]$

$1$a$.$ Which method. FIFO or LIFO, will result in the highest cost of goods sold figure for Jonaary $2024?$

Required:

Tb$.$ Which method will resuit in the highest ending irventory bolance?

$2.$ Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods.

$3$a$.$ Assume that inventory costs were declining during January. The invemory parchased on January $15$ had a unit cost of $$70,$ and the invertory purchased on January $21$ had a unit cost of $$65.$ All other information is the same. Which method, FIFO or LFO, will result in the highest cost of goods sold figure for Jenuary $2024?$

$3$b$.$ Which method will result in the highest ending inventory balance?

$3$ c $.$ Compute cost of goods sold for January and the ending imentory using both the FiFO and UFO methods.

Complete this question by entering your answers in the tabs below.

Pea $1$A ard $1$B

Rea $2$ Reg $3$A and $3$B Rea $3$C

Which metwod, $12FO$ or LIFO, will revult in the highest cont of goods sold flgure for January $2024$ and highest end ing inventory balance?

$\backslash$table$[[1$a$.$ Higheat cont of goods sold flgure$]]$