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

Beginning inventory, January $1,2024750$ units @ $$85$ each

Purchases:

January $151,600$ units @ $$100$ each

January $211,400$ units @ $$105$ each

Sales:

January $5700$ units @ $$125$ each

January $221,100$ units @ $$135$ each

January $29550$ units @ $$140$ each

Ending inventory, January $31,20241,400$ units

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?

$2.$ 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 $$75,$ and the inventory purchased on January $21$ had a unit cost of $$70.$ All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January $2024?$

$3$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.