High Life comma Inc inventory records for a particular development program show the following at May 31:

May 1 Beginning inventory	8 units @ $150 = $1,200
May 15 purchase	5 units @ $150 = 750
May 26 purchase	13 units @ $160 = 2,080

At May 31, 9 of these programs are on hand.

Requirements

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1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with three $165 units and six $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? 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with three $165 units and six $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?

Answer rating: 100% (QA)

1 a Since the details for sales are not given individually it has been assumed that periodic invento... View the full answer