McKinley Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 31, 10 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 cont. Round all final answers to the nearest whole dollar.) Number of units (a) (c) (d) 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 s the Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with five $150 units and five $160 units still on hand at the end b. Average cost c. FIFO d. LIFO 2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold? Data Table X May 1 Beginning inventory xxx s the 15 Purchase. 4 units @ 6 units @$ 150 = $ 151 - $ 900 604 26 Purchase 14 units @ = 160 $ 2,240 good e edi Print Done X