Dundas 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, 8 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.) Cost of goods sold Ending inventory Number of units - Data table Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with two $150 units and six $160 units still on hand at the end b. Average cost Beginning inventory 4 units @ $150-$600. May 1 May 15 Purchase May 26 Purchase $755 5 units @$151 11 units @ $160 $1,760 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