Ontario Company's inventory records for its retail division show the following at July 31: (Click the icon to view the accounting records.) At July31, 8of these units are on hand. Read the requirements. Cost of goods sold Ending inventory Question 8 of 13 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 g then (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final ans (a) (b) Specific identification Average cost Number of units 20 8 (c) FIFO (d) LIFO Requirement 2. Which method produces the highest cost of goods sold? Which method produces the lowe What causes the difference in cost of goods sold? Which method produces the highest cost of goods sold? LIFO Which method produces the lowest cost of goods sold? FIFO 1 1 The difference in cost of goods sold under the two methods identified above was caused by the difference Data table Jul 1 Jul 15 Jul 26 Beginning inventory 4 units @ $150 = $600 Purchase 5 units @ $151 = $755 Purchase 11 units @ $160 = $1,760 Requirements Print 1. Compute cost of goods sold and ending inventory, using each of the following methods: Done 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? Print Done I

Ontario Company's inventary records for its retai dimaion show the foliowing of July 31: IIII (Click the icon to view the accounting records) A Jidy31, bot these units are on hand. Read the requiremants. Requirement 1. Compute cost of goods sols and ending imventory, using each of the following tour invehtory methods: Begin by entering the mumber of units sold and number of units in ending invenlory, Then calculsen cost of fo then (c) FIFO, and finaly (d) LIFO vRound the average cost per unit to the noarest cert Round at finde and Requirements Requirement 2. Which mothod produces the tiofest cont of poods sola? Which methbd produces the lowe What causes the sifference in cost of goces sold? Which mechod produces the highest cont of goods sold? Which metrod prodices the lowest cost of goobs sold? The oflesence in cost of goods sold inane the tho methede idersfied obove was caused by 1. Compute cost of goods soid and enobing imventopy veting nach af the following methods: a. Speofcidontication, with twa $130 unts and six $160 unts itil on hand at the end b. Average cout c. FIFO d. UFO 2. Which method producxs the Bighest com of goods sive? Which inethod boods sold