Dundas Company's inventory records for its retail division show the following at July 31: (Click the icon to view the accounting records.) At July 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 identifica whole dollar.) Number (a) (b) (c) (d) Specific identification of units Average cost FIFO LIFO Cost of goods sold 12 $ 2,015 2,037 1,995 2,073 8 1,380 Ending inventory $ $ 1,358 1,400 S 1,322 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 highest 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 unit cost This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. -X i Data Table 10 units @ $ 160 $ 1,600 Oct 1 Beginning inventory 161 $ 15 Purchase .. 5 units @ 805 170 $2,380 14 units @ 26 Purchase. Done Print