0 Requirements sing 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with seven $170 units and four $180 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? Print Done Data Table Oct 1 Beginning inventory ... 15 Purchase 26 Purchase ........... 8 units @ $ 170 = $ 1,360 5 units @ 171 = $ 855 12 units @ 180 = $ 2,160 Print Done Richmond Company's inventory records for its retail division show the following at October 31: Click the icon to view the accounting records.) At October 31, 11 of these units are on hand. Read the requirements. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory usin average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number (a) (b) (c) (d) of units Specific identification Average cost FIFO LIFO Cost of goods sold Ending inventory Requirement 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? Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? The difference in cost of goods sold under the two methods identified above was caused by