8. 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, 2021 1,350 units @ $100 each Purchases: January 15 2,800 units @ $115 each January 21 2,600 units @ $120 each Sales: January 5 1,300 units @ $140 each January 22 1,700 units @ $150 each January 29 1,150 units @ $155 each Ending inventory, January 31, 2021 2,600 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021? 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.

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

 
Required:

1. 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021?

2. 1b. Which method will result in the highest ending inventory balance?

3. 2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods.

4. 3a. Assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $90, and the inventory purchased on January 21 had a unit cost of $85. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021?

5. 3b. Which method will result in the highest ending inventory balance?

6. 3c. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods.