Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 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. (Roun average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) (b) (a) Specific identification Average cost Cost of goods sold Ending inventory Number Which method produces the highest cost of goods sold? (1) of units 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 lowest cost of goods sold? (2). 1: Data Table The difference in cost of goods sold under the two methods identified above was caused by (3) 2. C. 2: Requirements 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 Average cost b. FIFO LIFO (c) FIFO (1) O average cost OFIFO OLIFO Specific identification (2) O average cost FIFO LIFO O Specific identification 0000 May 1 May 15 May 26 (d) LIFO d. 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? Beginning inventory Purchase Purchase 7 units @ $165 = $1,155 5 units @ $166 = $830 11 units @ $175 = $1,925 (3) the decrease in inventory unit cost O the increase in inventory unit cost O the difference in the number of units sold Paper size Letter

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