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Spear Corporation's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 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) x of units Specific identification Average cost FIFO LIFO Data Table 18 Cost of goods sold Ending inventory 11 May 1 Requirement 2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of god What causes the difference in cost of goods sold? May 15 May 26 Beginning inventory 10 units @ $160 = $1,600 Purchase 5 units @ $161 = $805 Purchase 14 units @ $170 = $2,380 Which method produces the highest cost of goods sold? LIFO Which method produces the lowest cost of goods sold? FIFO Print Done