Exercise $8-16($Static$)$ Comparison of FIFO and LIFO; periodic system $[$LO$8-1,8-4]$

Alta Ski Company$$s inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.

Exercise $8-16($Static$)$ Comparison of FIFO and LIFO; periodic system $[$LO$8-1,8-4]$

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

inventory system.

Required: $$

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

$1$b$.$ Which method will result in the highest ending inventory balance?

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 inventory purchased on January $15$ had a unit cost of $$70,$ and the

inventory purchased on January $21$ had a unit cost of $$65.$ All other information is the same. Which method, FIFO or LIFO, will result in

the highest cost of goods sold figure for January $2024?$

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

$3$c$.$ Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods.

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

Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January $2024$ and highest ending inventory

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

Req $1$ A and $1$ B

Req $2$

Req $3$A and $3B$

Req $3$C

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 $1$ A and $1$ B

Req $2$

Req $3$A and $3B$

Req $3$C

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?

$3$a$.$ Highest cost of goods sold figure

$3$b$.$ Highest ending inventory balance Complete this question by entering your answers in the tabs below.

Req $1$A and $1B$

Req $2$

Req $3$A and $3B$

Req $3$C

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