Richmond Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 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. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number of units (a) (b) (c) Specific identification Average cost FIFO (d) LIFO Requirements Cost of goods sold Ending inventory 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? 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 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with seven $160 units and four $170 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? Data table May 1 May 15 Beginning inventory 10 units @ $160 = $1,600 Purchase May 26 Purchase 5 units @ $161 = $805 14 units @ $170 = $2,380 Drint Dono the decrease in inventory unit cost the increase in inventory unit cost the difference in the number of units sold Print Done Time Remaining: 02:24:23 Next