Ken 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.$)$

Requirements

Compute cost of goods sold and ending inventory, using each of the following methods:

a$.$ Specific identification, with seven $$165$ units and four $$175$ units still on hand at the end

b$.$ Average cost

c$.$ FIFO

d$.$ LIFO

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?