Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 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. Complete this question by entering your answers in the tabs below. Req 1A and 1B Reg 2 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory - Periodic FIFO # of units in ending Cost per Ending unit inventory Inventory 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 # of units Available for 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 Chapter 8 HW Saved Help Save & Exit Submit 6 Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 600 units @ $70 each 12 points 1,300 units @ $85 each 1,100 units $90 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 550 units @ $110 each 950 units @ $120 each 400 units @ $125 each 1, 100 units eBook Print Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018? 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. DO References Complete this question by entering your answers in the tabs below. Req 1A and 1B Reg 2 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2018 and highest ending inventory balance? 1a. Highest cost of goods sold figure 16. Highest ending inventory balance Req 1A and 1B Reg 2 >