E6-17A (similar to) Question Help Ontario Company's inventory records for its retail division show the following at August 31: 5 Click the icon to view the accounting records.) At August 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.) Number (a) of units Specific identification 1355 Cost of goods sold 12 Ending inventory 8 1760 Data Table Requirements Aug 1 Beginning inventory 4 units @ $150 = $600 Aug 15 Purchase 5 units @ $151 = $755 Aug 26 Purchase 11 units @ $160 = $1,760 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 Print Done 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? Print Done Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Check