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 endfing 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.

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.