Arrow Corporation's inventory records for a particular development program show the following at March 31: (Click the icon to view the accounting records.) At March 31, 11 of these programs are on hand. Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific unit cost, with seven $165 units and four $175 units still on hand at the end b. Average cost c. First-in, first-out d. Last-in, first-out 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? Number (a) (b) (c) (d) of units Specific unit cost Average cost FIFO LIFO Data Table Cost of goods sold Ending inventory Jan 1 Beginning inventory 9 units @ $ 165 = $ 1,485 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? 15 Purchase 5 units @ 166 = 830 26 Purchase 13 units @ 175 = Which method produces the highest cost of goods sold? 2,275 Which method produces the lowest cost of goods sold? Print Done The difference in cost of goods sold under the two methods identified above was caused by