Canwell Company's inventory records for a particular development program show the following at May

31:

Jan 1 Beginning inventory. . . 6 units @ $150 =$900

15 Purchase. . . . . . . . . .4 units @ 151 =$604

26 Purchase. . . . . . . . . .14 units @ 160 = $2,240

At May 31, 10 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 five $150 units and five $160 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? --------------------------------------------------------------------------------------------------------------------------------------------------------- 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 unit cost, then (b) average cost, then (c) FIFO, and finally (d) LIFO. Number of units Cost of goods sold Ending inventory