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

Beginning inventory, January $1,2024$

Purchases:

January $15$

January $21$

Sales:

January $5$

January $22$

January $29$

Ending inventory, January $31,2024$

$600$ units @ $$70$ each

$1,300$ units @ $$85$ each

$1,100$ units @ $$90$ each

$550$ units @ $$110$ each

$950$ units @ $$120$ each

$400$ units @ $$125$ each

$1,100$ 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 $$60,$ and the inventory purchased on January $21$ had a unit cost of $$55.$ 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.

Complete this question by entering your answers in the tabs below.

Req $1$ A and $1$ B

Req $2$

Req $3$A and $3B$

Req $3C$

Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January $2024$ and highest ending inventory balance?

$\backslash$table$[[1$a$.$ Highest cost of goods sold figure,$],[1$b$.$ Highest ending inventory balance,$]]$