1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with five $165 units and five $175 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? High Life Company's inventory records for its retail division show the following at August 31: E: (Click the icon to view the accounting records.) At August 31, 10 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 using (a) specific identification, then (b) average cost, then (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number of units Cost of goods sold Ending inventory 7 units @ $ 165 = $ 1,155 Aug 1 Beginning inventory 15 Purchase .. 5 units @ 166 = $ 830 26 Purchase ..., 11 units @ 175 = $ 1,925