Req 1A and 1B Req 2 Req 3A and 3B Req 30 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units # of units Costa Cost per Cost of Available for unit sold unit Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory Purchases: January 15 January 21 Total LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost per cost of Goods Hot Cost of # of units Available for unit sold unit Goods Sold Sale Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory Beginning Inventory Purchases: January 15 January 21 Total Req 1A and 1B Req2 Req 3A and 3B Req 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 Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 600 units @ $115 each 1,000 units @ $125 each 450 units @ $130 each 1,200 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 $65, and the inventory purchased on January 21 had a unit cost of $60. 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