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Dave Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 31, 10 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 (a) (b) (c) (d) Specific identification Average cost 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 methods identified above was caused by Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with five $150 units and five $160 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? I Data table May 1 Beginning inventory 6 units @ $150 = $900 May 15 Purchase 4 units @ $151 = $604 May 26 Purchase 14 units @ $160 = $2,240 Read the requirements (Round the average cost per unit to the nearest cent. Ro it whole dollar.) Number of units (a) average cost Specific identification (d) LIFO Cost of goods sold FIFO Ending Inventory LIFO Requirement 2. Which method produces the highest cos goods sold? roduces the lowest cost of What causes the difference in cost of goods sold? Specific identification 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 methods identified above was caused by Calculator Type here to search iT C An expert anower will be posted he CHEGO PRODUCTS AND SERVICES LEGAL & POLICIES Adting Ch Che C Time Remaining: 02:12.19 Next Hunt Code Chugs Py Chege Study College DA gg.com/introducing-chegg-life (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.)) Number (a) of units Specific identification Cost of goods sold average cost Ending inventory FIFO Requirement 2. Which method produces the highest co goods sold? LIFO What causes the difference in cost of goods sold? Which method produces the highest cost of goods sold? Specific identification (d) LIFO produces the lowest cost of Which method produces the lowest cost of goods sold? The difference in cost of goods sold under the two methods identified above was caused by Calculator Type here to search C Metaped LEGAL & POLICIES Ang s CHEGG PRODUCTS AND SERVICES Ch Owy T DO NOT SELL MY HO Time Remaining: 02:12:11 Next gg.com/introducing-chegg-life Cost of goods sold Ending inventory Nearest Cent Round all final answers to the nearest whole dollar.) Number (a) (b) (c) (d) of units Specific identification. Average cost FIFO LIFO the decrease in inventory unit cost cost of goods sold? Which method produces the lowest cost of ld? the increase in inventory unit cost d? the difference in the number of units sold ethods identified above was caused by LE At Con Gon inta Righ Tern Glob m

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