McKinley Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 31,8 of these units are on hand. Read the Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: nearest whole dollar.) 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 Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with two $150 units and six $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 Dec1Dec15Dec26BeginninginventoryPurchasePurchase4units@$150=$6005units@$151=$75511units@$160=$1,760