(Learning Objective 2, 3: Determining ending inventory and cost of goods sold by four methods) Use the data for Ron’s, Inc., in Exercise 6-29B to answer the following.

❙ Requirements 1. Compute cost of goods sold and ending inventory using each of the following methods:

a. Specifi c unit cost, with fi ve €160 units and fi ve €170 units still on hand at the end.

b. Average cost.

c. FIFO.

d. LIFO.

2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold?