Data table Beginning inventory 6 units @ $150 = $900 May 1 May 15 Purchase May 26 Purchase 4 units @ $151 = $604 14 units @ $160 = $2,240 Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with five $150 units and five $160 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? 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 identification, then (b) average cost, then (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the near whole dollar.) Cost of goods sold Ending inventory Number (a) (b) (c) (d) of units Specific identification Average cost FIFO LIFO