Use the data for Langley Inc. in exercise E5-14 to answer the following: Requirements 1. Compute Cost of goods sold and ending inventory, using each of the following methods: a. Specific unit cost, with two $150 units, three $160 units, and fixe $170 units still on hand at the end b. Weighted-average cost c. First-in, First out 2. Which method would be most relevant to producing the highest net income? Why?

Info from E5-14: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: Oct 1 Beginning Inventory 5 units @ $150 = $750 Oct 15 Purchase . 11 units @ 160 = 1,760 Oct 26 Purchase . 5 units @ 170 = 850 On October 31, ten of these programs are on hand. Langley uses the perpetual inventory system.