Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company...

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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. Beginning inventory, January 1, 2024 Purchases: January 15 January 21 Sales: January 5 1,200 units $85 each 2,500 units $100 each 2,300 units $105 each 1,150 units $125 each January 22 January 29 Ending inventory, January 31, 2024 Required: 1,550 units $135 each 1,000 units @ $140 each 2,300 units 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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 2024? 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. Complete this question by entering your answers in the tabs below. Req 1A and 18 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 2024 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 2 Req 3A and 3B Req 3C Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number Cost per of units unit Cost of Goods Available for Number of units Cost per Sale sold unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 1,200 $ 85 S 102,000 $ 85 $ 85 $ 0 Purchases: January 15 2,500 $100 250,000 $ 100 January 21 Total 2,300 $ 105 241,500 $ 105 0 6,000 $ 593,500 0 0 $ 100 0 $ 105 0 $ 0 Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Number of LIFO Cost of Goods Number Number Cost per of units Available for of units Cost per unit unit Cost of Goods Sold units in Cost per Ending ending unit Sale sold Inventory inventory Beginning Inventory 1,200 $85 S 102,000 $ 85 $ 0 $ 85 Purchases: January 15 2,500 $ 100 250,000 $ 100 $ 100 January 21 2,300 $105 241,500 $ 105 $ 105 Total 6,000 $ 593,500 0 $ 0 0 $ 0 Req 1A and 1B Req 2 Req 3A and 38 Req 3C 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 2024 and highest ending inventory balance? 3a. Highest cost of goods sold figure 3h Highest ending inventory balance Req 1A and 1B Req 2 Req 3A and 3B Req 3C Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic Inventory Balance - Periodic FIFO -FIFO FIFO FIFO: Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per sold unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 1,200 $85.00 $ 102,000 $ 85.00 85.00 $ Purchases: January 15 2,500 75.00 187,500 January 21 2,300 70.00 161,000 Total 6,000 $ 450,500 75.00 70.00 75.00 0 0 70.00 $ 0 Cost of Goods Available for Sale Cost of Goods Sold - Periodic Inventory Balance - Periodic LIFO -LIFO LIFO LIFO: Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units in ending Cost per unit Ending Inventory sold inventory Beginning Inventory 1,200 $85.00 $ 102,000 $ 85.00 $ 85.00 $ 0 Purchases: January 15 2,500 75.00 187,500 75.00 75.00 0 January 21 2,300 70.00 161,000 70.00 70.00 Total 6,000 $ 450,500 0 $ 0 0 $ 0 Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Beginning inventory, January 1, 2024 Purchases: January 15 January 21 Sales: January 5 1,200 units $85 each 2,500 units $100 each 2,300 units $105 each 1,150 units $125 each January 22 January 29 Ending inventory, January 31, 2024 Required: 1,550 units $135 each 1,000 units @ $140 each 2,300 units 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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 2024? 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. Complete this question by entering your answers in the tabs below. Req 1A and 18 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 2024 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 2 Req 3A and 3B Req 3C Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number Cost per of units unit Cost of Goods Available for Number of units Cost per Sale sold unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 1,200 $ 85 S 102,000 $ 85 $ 85 $ 0 Purchases: January 15 2,500 $100 250,000 $ 100 January 21 Total 2,300 $ 105 241,500 $ 105 0 6,000 $ 593,500 0 0 $ 100 0 $ 105 0 $ 0 Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Number of LIFO Cost of Goods Number Number Cost per of units Available for of units Cost per unit unit Cost of Goods Sold units in Cost per Ending ending unit Sale sold Inventory inventory Beginning Inventory 1,200 $85 S 102,000 $ 85 $ 0 $ 85 Purchases: January 15 2,500 $ 100 250,000 $ 100 $ 100 January 21 2,300 $105 241,500 $ 105 $ 105 Total 6,000 $ 593,500 0 $ 0 0 $ 0 Req 1A and 1B Req 2 Req 3A and 38 Req 3C 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 2024 and highest ending inventory balance? 3a. Highest cost of goods sold figure 3h Highest ending inventory balance Req 1A and 1B Req 2 Req 3A and 3B Req 3C Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic Inventory Balance - Periodic FIFO -FIFO FIFO FIFO: Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per sold unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 1,200 $85.00 $ 102,000 $ 85.00 85.00 $ Purchases: January 15 2,500 75.00 187,500 January 21 2,300 70.00 161,000 Total 6,000 $ 450,500 75.00 70.00 75.00 0 0 70.00 $ 0 Cost of Goods Available for Sale Cost of Goods Sold - Periodic Inventory Balance - Periodic LIFO -LIFO LIFO LIFO: Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units in ending Cost per unit Ending Inventory sold inventory Beginning Inventory 1,200 $85.00 $ 102,000 $ 85.00 $ 85.00 $ 0 Purchases: January 15 2,500 75.00 187,500 75.00 75.00 0 January 21 2,300 70.00 161,000 70.00 70.00 Total 6,000 $ 450,500 0 $ 0 0 $ 0