Dave Company's inventory records for its retatl division show the following at January 31 : (Click the icon to view the acoounting records.) At January 31,8 of these units are on hand. Read the Requirement 1. Compule cost of goods sold and ending inventory. using each of the foliowing four inventory mechods: Begin by entering the number of urvts sold and number of units in ending irvventory. Then calculate cost of gocds sold and ending inventory using (a) specific identificabion, then (b) average cost, then (c) FIFO, and finally (d) LFO (Round the average cost per unit to the nearest cent. Round ail final answers to the nearest whole dollar) 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with two $165 units and six $175 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? \begin{tabular}{lll} \hline Jan1 & Beginning inventory & 6 units @ $165=$990 \\ Jan 15 & Purchase & 5 units @ $166=$830 \\ Jan 26 & Purchase & 9 units @ $175=$1,575 \\ \hline \end{tabular}