Use the data for Rons, Inc., in Exercise to answer the following. Requirements 1. Compute cost of

Question:

Use the data for Ron€™s, Inc., in Exercise 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 five $160 units and five $170 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 goodssold?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...