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Answer all parts please Ron Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting
Answer all parts please
Ron Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 31, 11 of these units are on hand. Read the Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: cent. Round all final answers to the nearest whole dollar.) 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? Data table 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 Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with seven $160 units and four $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 soldStep by Step Solution
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