Grifin 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 resicements 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 unitsin 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 al final answers to the nearest whole dollar) Number (a) b) (c) (0) of units Specific Identification Average cost FIFO LIFO Cost of goods sold Ending Inventory 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? Which method produces the lowest cost of goods sold? The difference in cost of goods sold under the two methods identified above was caused by Data table Dec 1 Beginning inventory 9 units @ $165 = $1,485 Dec 15 Purchase 5 units @ $166 = $830 Dec 26 Purchase 13 units @ $175 = $2,275