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, 9 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) (d) (b) (c) (a) Number FIFO LIFO Specific identification Average cost of units 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 Enter any number in the edit fields and then continue to the next question. 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, 9 of these units are on hand. Read the requirements Requirements Re Data Table Be ide W 1. Compute cost of goods sold and ending inventory, using each of the following methods a. Specific identification, with three $165 units and six $175 units still on hand at the end 6 units@$ 165 $ May 1 Beginning inventary 990 5 units@ 166 $ 15 Purchase. 830 b. Average cost 26 Purchase. 10 units 175 $ 1,750 c. FIFO d. LIFO Re 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? Print Done Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? Print Done The difference in cost of goods sold under the two methods identified above Wal caused by Enter any number in the edit fields and then continue to the next