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Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the counting records.) At October

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Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the counting records.) At October 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 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) specife identification, then (b) average cost, then(e) FIFO and Analy (d) UFO (Round the average cost per unit to the nearestent. Round a final answers to the nearest whole dollar) It LO Number (a) (b) (d) of units Specific identiflotion Average cost FIFO Cost of goods sold 10 3 2.735 3 2,720 5 2.005 3 2.773 Ending inventory 11 5 1,856 5 1,870 1,025 3 1.817 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 products the Nghest cost of goods sold? LIFO Which method produces the lowest cost of goods sold? FIFO The difference in cost of goods sold under the two methods identified above was caused by the increase in inventory unt cost Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the counting records.) At October 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 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) specife identification, then (b) average cost, then(e) FIFO and Analy (d) UFO (Round the average cost per unit to the nearestent. Round a final answers to the nearest whole dollar) It LO Number (a) (b) (d) of units Specific identiflotion Average cost FIFO Cost of goods sold 10 3 2.735 3 2,720 5 2.005 3 2.773 Ending inventory 11 5 1,856 5 1,870 1,025 3 1.817 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 products the Nghest cost of goods sold? LIFO Which method produces the lowest cost of goods sold? FIFO The difference in cost of goods sold under the two methods identified above was caused by the increase in inventory unt cost

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