RonRon Company's inventory records for its retail division show the following at July 31:

At July 31, 11 of these units are on hand.

Ron Company's inventory records for its retail division show the following at July 31: E (Click the icon to view the accounting records.) At July 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 O Requirements O Data Table of units Cost of goods sold 1. Compute cost of goods sold and ending inventory, using each of the following methods: Ending inventory Jul 1 Beginning inventory.... 8 units @ $ 170 = $ 1,360 a. Specific identification, with seven $170 units and four $180 units still on 5 units @ 171 = $ 15 Purchase. 855 hand at the end 180 = $ 2,160 26 Purchase 12 units @ b. Average cost c. FIFO d. LIFO ......... Print Done 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? Enter any number in the edit fields an parts remaining 7 Check Answer Print Done