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McKinley Company's inventory records for its retail division show the following at December 31: (Click the loon to view the accounting records.) Al December 31, 11 of these units are on hand. Read the requirements. Data Table 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 average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number (a) b) (d) of units Specific identification Average cost FIFO LIFO Cost of goods sold Ending inventory A Requirements Dec 1 Beginning Inventory 9 units @ $165 = $1,485 Dec 15 Purchase 5 units @ $166 = $830 Dec 26 Purchase 13 units @ $175 = $2,275 Print Done 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? 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? 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. the decrease in inventory unit cost ? the increase in inventory unit cost the difference in the number of units sold Number (c) (d) (a) Specific identification (b) Average cost of units 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 metho d by average cost FIFO Enter any number in the edit fields and then continue LIFO Specific identification