Griffin Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 31, 11 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 (b) (c) (d) (a) Specific identification of units Average cost FIFO LIFO 16 Cost of goods sold Ending inventory 11 Requirement 2. Which method produces the highest cost of goods sold? Which What causes the difference in cost of goods sold? Data Table Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? 9 units @ $ 165 = $ 1,485 Dec 1 Beginning inventory 15 Purchase 166 = $ 830 The difference in cost of goods sold under the two methods identified above was 5 units @ 13 units @ 26 Purchase 175 = $ 2,275 Print Done Enter any number in the edit fields and then continue to the next