mylab.pearson.com/Student/PlayerTest.aspx?estid-250400533¢erwinces ACCT 131-CRN 40995-Financial Accounting 1-SM Test: Test #3 Ron Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records) A December 31, 11 of these units are on hand Read the res Question 4 of 18 Isaac Vazquez 05/22/23 111 AM This test: 100 point possible This question: 10 point possible Submit test 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 finaly (d) LIFO (Round the average cost per unit to the nearest cent Round all final answers to the nearest whole dollar) Number (c) Spectic defication Average cost FIFO LIFO Data table 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 Dec 1 Beginning inventory units 3165-$1.405 Dec 15 Purchase Dec 26 Purchase 5 units @1166-1830 13 units @$175 52,275 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 idensted above was caused by Print Done X Next