Question

6 Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a inventory system. periodic Beginning inventory, 3anuary 1, 2018 Purchases: 1,450 units $65 each 12 points January 15 January 21 3,000 units $80 each 2,800 units $85 each Sales: Danuary 5 January 22 January 29 1,400 units $105 each 1,800 units @$115 each 1,250 units $120 each 2,800 units Skipped Ending inventory, January 31, 2018 eBook 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 Print Complete this question by entering your answers in the tabs below References Req 1A and 1B Req 2 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale | Cost of Goods Sold . Periodic FIFO | Ending inventory-Periodic FK Cost per Available forsoldunit CostofGoods!# of units!! Cost per l # of units Cost per Ending in ending Goods Sold inventory unit unit Inventory Beginning Inventory

Answer 1

1A) Which Method will Result in the Highest Cost of Goods Sold 1B) Which Method will Results in the Highest Ending Balance LIFO FIFO LIFO Cost of Goods sold334250 370000 Ending Invenotry238000202250