Ontario, Inc.'s inventory records for a particular development program show the following at May 31 EE (Click the icon to view the accounting records.) At May 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 $160 units and four $170 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. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number of units Specific unit cost Average cost FIFO LIFO Coset 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? What causes the difference in cost of goods sold? Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? The difference in cost of goods sold under the two methods identified above was caused by Data Table May 1 Beginning inventory 10 units @ $ 160= $ 1.600 5 units @ 161=$ 805 14 units170 2,380 26 Purchase Print Done