Thames Company's inventory records for its retail division show the following at January 31: (Click the icon to view the accounting records.) At January 31, 10 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) i Data Table of units Specific identification Average cost FIFO LIFO Cost of goods sold Ending inventory Jan 1 Beginning Inventory .... 7 units @ S 165 - $ 1,155 Requirement 2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? 15 Purchase..... 5 units 166 = $ 830 What causes the difference in cost of goods sold? 26 Purchase. 11 units 175 = $ 1,925 Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? 7 Print Done The difference in cost of goods sold under the two methods identified above was caused by the decrease in Inventory unit cost the increase in inventory unit cost the difference in the number of units sold i Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with five $165 units and five $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? Print Done