E6-31B. (Learning Objective 2: Compare ending inventory and cost of goods sold using four methods) Use the data for Spear Corporation in E6-30B to answer the following. Requirements 1. Compute cost of goods sold and ending inventory using each of the following methods: a. Specific identification, with seven $160 units and four $170 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 low- est cost of goods sold? What causes the difference in cost of goods sold? E6-30B, (Learning Obiectives 1, 2: Show how to account for inventory transactions: annu the FIFO cost method) Spear Corporation's inventory records for its retail division show the following at May 31: May 1 15 26 Beginning inventory ......... Purchase.... Purchase............... 10 units @ $160 = 5 units @ 161 = 14 units @ 170 = $1,600 805 2,380