on January 1, 2021 Wright

Check my work 16 Exercise 8-16 (Algo) Comparison of FIFO and LIFO; periodic system (LO8-1,8-4) 1 points Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system Book 1,350 units @ $100 each Hint Print Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 References 2,800 units @ $115 each 2,600 units @ $120 each 1,300 units @ $140 each 1,700 units @ $150 each 1,150 units @ $155 each 2,600 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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 $90, and the inventory purchased on January 21 had a unit cost of $85. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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. Mc Graw Hill MC Grow Hial