Answer all the questions in the picture

McKinley company's inventory records for its retail division show the following at January 31

Jan 1 Beginning inventory. . .6 units @$150 =$900

15 Purchase. . . . . . . . . . . . 4 units @151 = $604

26 Purchase. . . . . . . . . . . . 14 units @160 = $2,240

At January 31, 10 of these units are on hand. Read the requirements

1.

Compute cost of goods sold and ending inventory, using each of the following methods:

a.	Specific identification, with five $150 units and five $160 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?

.

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

McKinley Company's inventory records for its retail division show the following at January 31: E: (Click the icon to view the accounting records.) At January 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 Requirements Data Table Cost of goods sold Ending inventory Jan 1 Beginning inventory 15 Purchase 26 Purchase .......... 6 units @ $ 150 = $ 900 4 units @ 151 = $ 604 14 units @ 160 = $ 2,240 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with five $150 units and five $160 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 Print Done