Thames Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 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 (a) (b) (c) (d) of units Specific identification Average cost FIFO LIFO 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. ? Thames Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 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 and ending inventory using (a) specific identification, then (b) averag Data Table The nearest cent. Round all final answers to the nearest whole dollar.) Number of units Sg Mar 1 Beginning inventory 9 units @ $ 165 = $ 1,485 5 units @ 166 = $ 830 15 Purchase Cost of goods sold Ending inventory 26 Purchase 13 units @ 175 = $ 2,275 Requirement 2. Which method prody What causes the difference in cost of goods sold? Print Done Done Which method produces the highest 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. ? Thames Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 31, 11 of these units are on hand. Read the requirements. Requirements Requirement 1. Compute cos Begin by entering the number specific identification, then (b) answers to the nearest whole nding inventory using (a) Fest cent. Round all final Numbe of unit Cost of goods sold Ending inventory 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with seven $165 units and four $175 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? Requirement 2. Which metho What causes the difference in sold? Which method produces the h| Which method produces the lo Print Done 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. ? Thames Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 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 (a) (b) (c) (d) of units Specific identification Average cost FIFO LIFO 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? average cost The difference in cost of goods sold under the two metho FIFO I by LIFO Enter any number in the edit fields and then continue Specific identification ? Thames Company's inventory records for its retail division show the following at March 31: (Click the icon to view the accounting records.) At March 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 (a) (b) (c) (d) of units Specific identification Average cost FIFO LIFO 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? the decrease in inventory unit cost Which method produces the highest cost of goods sold? the increase in inventory unit cost Which method produces the lowest cost of goods sold? the difference in the number of units 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