Ontario Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 31, 8 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.) (c) Number of units (a) (b) Specific identification Average cost (d) LIFO FIFO Requirements Cost of goods sold Ending inventory Data Table 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? Mar 1 Beginning inventory 6 units @ $165 = $990 Mar 15 Purchase 5 units @ $166 = $830 Mar 26 Purchase 9 units @ $175 = $1,575 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with two $165 units and six $175 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? 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 Print Done Print Done