Jul 1	Beginning inventory	9 units @ $165 = $1,485
Jul 15	Purchase	5 units @ $166 = $830
Jul 26	Purchase	13 units @ $175 = $2,275

1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with units and units still on hand at the end seven $165 four $175 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?