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Ron Company's inventory records for its retail division show the following at March 31: E (Click the icon to view the accounting records.) At March 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 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 fin answers to the nearest whole dollar.) Number of units Cost of goods sold Ending inventory Data Table Mar 1 Mar 15 Beginning inventory 6 units @ $165 = $990 Purchase 5 units @ $166 = $830 Purchase 10 units @ $175 = $1,750 Mar 26 Print Done T Requirements 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 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? Clear All Check Ans Dave Company's inventory records for its retail division show the following at October 31: E (Click the icon to view the accounting records.) At October 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 FIFO Specific identification $ 2,735 Average cost $ 2,720 LIFO 2,773 Cost of goods sold 16 $ 2,665 $ Ending inventory 11 $ 1,855 $ 1,870 $ 1,925 $ 1,817 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? LIFO Which method produces the lowest cost of goods sold? FIFO The difference in cost of goods sold under the two methods identified above was caused by the increase in inventory unit cost Ron Company's inventory records for its retail division show the following at March 31: B (Click the icon to view the accounting records.) At March 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.) Number of units Cost of goods sold Ending inventory - Data Table Mar 1 Beginning inventory 6 units @ $165 = $990 Purchase 5 units @ $166 = $830 Mar 15 Mar 26 Purchase 10 units @ $175 = $1,750
