Accounting pls help
Griffin Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 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 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 (a) (b) (C) (d) Requirements of units Specific identification Average cost FIFO LIFO Cost of goods sold Ending inventory 1. Compute cost of goods sold and ending inventory, using each of the following methods 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? a. Specific identification, with seven $165 units and four $175 units still on hand at the end b. Average cost Which method produces the highest cost of goods sold? c. FIFO Which method produces the lowest cost of goods sold? d. LIFO The difference in cost of goods sold under the two methods identified above was caused by 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 Enter any number in the edit fields and then continue to the next question. ? Griffin Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 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 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 (a) (b) (c) (d) of units Specific identification Average cost FIFO LIFO Data Table 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? Dec 1 Beginning inventory 9 units @ $165 = $1,485 Dec 15 Purchase 5 units @ $166 = $830 Vhich method produces the highest cost of goods Dec 26 Purchase 13 units @ $175 = $2,275 Which method produces the lowest cost of goods sold? Print Done The difference in cost of goods sold under the two methods identified above was caused by the decrease in inventory unit cost the increase in inventory unit cost Enter any number in the edit fields and then continue to the next question. ? the difference in the number of units sold
