Richmond Companys inventory records for its ratail division show the following at March 31 EE (Click the icon to view the accounting records.) At March 31, 11 of these urnits are orn hand. Read the equirements. 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.) Number Requirements ataTable of units Cost of goods sold Ending inventory 1. Compute cost of goods sold and ending inventory, using each of the following Mar 1 Beginning inventory 8 units@ 170- S 1,360 5 units 171 S 855 12 units 180 S 2,160 methods: 15 Purchase a. Specific identification, with seven $170 units and foun$180 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? 26 Purchase Print Done 2. Enter any number in the edit fields and then click