Alta Ski Company's inventory records contained the following information regarding its latest ski model. The...
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Accounting
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, 2018 | 1,100 | units @ $75 each |
| Purchases: | ||
| January 15 | 2,300 | units @ $90 each |
| January 21 | 2,100 | units @ $95 each |
| Sales: | ||
| January 5 | 1,050 | units @ $115 each |
| January 22 | 1,450 | units @ $125 each |
| January 29 | 900 | units @ $130 each |
| Ending inventory, January 31, 2018 | 2,100 | units |
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.
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