- X 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 O d. LIFO 2. Which method produces the highest cost of goods sold? Which method in IAL Print Done i Requirements TUTVU. 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 -X 1 Data Table Dec 1 Beginning inventory 7 units @ $165 = $1,155 Dec 15 Purchase 5 units @ $166 = $830 Dec 26 Purchase 11 units @ $175 = $1,925 Print Done