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ES 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 27 Req 1A and 1BB Req 2 Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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 $80, and the inventory purchased on January 21 had a unit cost of $75. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 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. 800 units @ $90 each 1,700 units @ $105 each 1,500 units @ $110 each Complete this question by entering your answers in the tabs below. Req 3A and 3B Req 3C units @ $130 each 750 1,150 units @ $140 each 600 units @ $145 each 1,500 units Cost of Goods Available for Sale Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO

Alta Ski Company's imventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Required: 10. Which method, FIFO or UFO, will result in the highest cost of goods sold figure for January 2024 ? 1b. Which method will result in the highest ending invemtory 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 $80, and the inventory purchased on January 21 had a unit cost of $75. Al other information is the same. Which method, FIFO or LIFO. will result in the highest cost of goods sold figure for January 2024 ? 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 FFF and LIFO methods. Complete this question by entering your answers in the tabs below

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