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? A. Average Cost B. FIFO C. LIFO D. Specific Identification Which method produces the lowest cost of goods sold? A. Average Cost B. FIFO C. LIFO D. Specific Identification The difference in cost of goods sold under the two methods identified above was caused by A. the decrease in inventory unit cost B. the increase in inventory unit cost C. the difference in the number of units sold

Dundas Company's inventory records for its retail division show the following at October 31 EEB (Click the icon to view the accounting records.) At October 31, 11 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. Number of units Specific identification Average cost FIFO LIFO Cost of goods sold Ending inventory Dat Table X Requirements 1. Oct 1 Beginning inventory Compute cost of goods sold and ending inventory, using each of the following methods 9 units 1851,485 5 units 186-830 13 units 175- 2,275 15 Purchase a. Specific identification, with seven $165 units and four $175 units still on hand at the end b. Average cost c. FIFO d. LIFO 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? 28 Purchase Print Done 2. Print Done