Richmond Company's Inventory records for to rotal division show the following at July 31 Click the icon to view the accounting records) Ar July 31. 11 of these units are on hand Read the requirements Requirement 1. Compule cost of goods sold and ending inventory, using each of the following tour inventory methods Begin by entering the number of units sold and number of units in ending inventory. Then calculate cont of goods told und ending inventory uning (a) specific identification, then (D) average cont, then( FIFO, and finally (a) LIFO. (Round the average cost per unit to the nearest cont. Round all fral answers to the nearest whole color) Number (a) (b) (d) of units Specific identification Average cost FIFO LIFO Cost of goods solo 18 5 2.905 2970 2.915 $ 3.024 Ending inventory 11 5 1.300 1.815 1.870 $ 1.761 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? $ Clear All Check Answer s sold and ending sold and number average cost per Data Table (a) specific i Jul 1 (a) Secific identification 2,985 1,800 Jul 15 Beginning inventory 10 units @ $160 = $1,600 Purchase 5 units @ $161 - $805 Purchase 14 units @ $170 = $2,380 Jul 26 duces the highest co of goods sold? st cost of goods sold? Print Done ents Do Homework - BCOR 2203 - Homework es of Accounting 1 (Tathagat Mukhopadhyay, In-Person) equirements - X 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? Print 161 Done loy method produces the highest cost of goods sold? elp Me Solve This Calculator Get More