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Spear Company's inventory records for its relail division show the following at May 31: (Click the icon to view the accounting recorde. At May 31, 11 of these units are an hand. Read the requirements Requirement 1. Compule cost of goods sold and ending inventory, using each of the folowing four inventary meliods. Begin by entering the number of units sold and number af units in ending invenlory. Then calculate cost of goods salu and ending inventory using (a) specific identification, ther(b) average cost, then (c) FIFO, and finally d) LIFO. (Round the average cost per unit to the neares. cent. Round all final answers to the nearest whole dollar.) Number of units Specific identification Average cost FIFO LIFO Cost of goods sold Ending inventory 11 1800 1815 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 aoid? Which melhad produce the lowest cost of goods sold? i Requirements The rifference in cost of goods sold under the two methane identified above was caused by i Data Table 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Suecific identificaliri, with severi S180 units and four $170 units slill on hand at the end b. Average cost C. FIFO d. LIFO 2. Which method produces the highest cost of goods eod? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold? May 1 Beginning inventory ... 10 units @ $ 160 = $1,600 15 Purchase ............ 5 unit @ 101 = $ B05 25 Purchase. ........... 14 units 170 = $ 2.380 Print Done Print Done

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