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question exercise 8 15 comparison of fifo and lifo periodic system lo8 1 8 4 alta sk 4284998



Exercise 8-15 Comparison of FIFO and LIFO; periodic system [LO8-1, 8-4] 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, 2016 600 units Purchases S80 each January 15 January 21 1,000 unitsS95 each 800 units $100 each Sales January 5 January 22 January 29 400 units$120 each 800 units $130 each 400 units$135 each 800 unitS Ending inventory, January 31, 2016 Required: 1.1 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2016 O FIFO LIFO 1.2 Which method will result in the highest ending inventory balance? O LIFO FIFO 2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods Cost of Goods Sold Periodic FIFO Cost per unit Cost of Goods Available for Sale Ending Inventory-Periodic FIFO EIFO Cost of Goods | # of units # of units Cost ofin ending u Goods Sold Cost per : Cost per Available forsold Ending #Of units unit unit Inventory Sale Beginning Inventory Purchases January 15 January 21 Tota Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFOEnding Inventory Periodic LIFO LIFO Cost of Goods |#ot units # of units cost per Available for sold Sale #ot units unit Cost per Cost of Cost per Ending unit Goods Sold in ending unit Inventory Beginning inventory Purchases January 15 January 21 Total

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