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Ken, Inc.'s inventory records for a particular development program show the following at December 31 (Click the icon to view the accounting records.) At December 31, 11 of these programs are on hand Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific unit cost, with seven $165 units and four $175 units still on hand at the end b. Average cost c. First-in, first-out d. Last-in, first-out 2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold? Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific unit cost, then (b) average cost, then (c) FIFO and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number of units 16 11 Average cost Data Table Specific unit cost 2,735 Cost of goods sold Ending inventory 1,855 Dec 1 Beginning inventory9 units S 165$ 1,485 5 units @ 166$ 830 13 units @ 175= $2.275 15 Purchase 26 Purchase PrintDone Enter any number in the edit fields and then click Check Answer parts remaining Clear All Check