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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. 750 units @ $85 each 1,600 units @ $180 each 1,400 units @ $185 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 700 units @ $125 each 1,100 units @ $135 each 550 units @ $140 each 1,400 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 $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 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. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Req 1A and 1B Reg 2 Req 3A and 38 Reg 30 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 and highest ending inventory balance? 1a. Highest cost of goods sold figure 1b. Highest ending inventory balance Req 1A and 18 Req 2 Req 3A and 38 Reg 30 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 Cost of Goods Cost per Available for of units Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit Sale sold Beginning Inventory Purchases: January 15 January 21 Total Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods Cost per Available for # of units unit Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit inventory Inventory Beginning Inventory Purchases: January 15 January 21 Total Reg 1A and 1B Req 3A and 3B > Req 1A and 1B Reg 2 Reg 3A and 3B Reg 30 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 2021 and highest ending inventory balance? 3a. 3b. Highest cost of goods sold figure Highest ending inventory balance Req 1A and 1B Reg 2 Req 3A and 3B Reg 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 - FIFO Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO FIFO: + of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: January 15 January 21 Cost of Goods Available for Sale - LIFO Cost of Goods Sold - Periodic LIFO Inventory Balance - Periodic LIFO LIFO: # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: January 15 January 21 Total