High Lite, Inc 's inventory records for a particular development program show the following at August 31 EEB Click the icon to view the accounting records.) At August 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 S170 units and four S180 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? 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. to the nearest cent. Round all final answers to the nearest whole dollar) Numbor 1 Data Table of units Specific unit cost Average cost FIFO LIFO Cost of goods sold Ending inventory Requirement 2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? Aug 1 Beginning inventory 8 unitsS 1701,360 5 units 171855 12 units @ 180=$2.160 15 Purchase What causes the dillerence in cost of goods sokd? Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? 26 Purchase PrintDone