Ontario, Inc.'s inventory records for a particular development program show the following at August 31: Aug 1 Beginning inventory 9 units @ $165= $1,485 15 Purchase 5 units @ 166= $830 26 Purchase 13 units @ 175 = $2,275 At August 31, 11of 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?

Homework: Week 3 Practice Exercises (not graded) Save Score: 0 of 1 pt 3 of 7 (3 complete) HW Score: 28.57%, 2 of 7 pts E6-19A (similar to) Data lable - X Question Help Ontario. Inc.'s inventory records fora particular development program show the following es: August 31 August 31, 11 thse programs are cn hand Au 1 Begirning inverlory 15 Purchase 28 Purchase 9 usS 165- $ 1405 units 166-$ 830 13 units 175- 2,275 1. Cpuleoos sok and eding inverilory, using each ofh olowing melhods a. Specific unit cost, with seven $165 units and four $175 units stil on hand at tne end b. Average cost c. First-in, rst-out d. Lasl-in, first-out Print Done 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 goodss Requirement 1. Compute cost of goods sold and ending imverntory, using each of the folowing four iventory methods Begin by entenng the number of units sold and numher of units in ending inventory Then alcuate cost of goods solks and ending inventory using a) specfc unitcost, then (b) averagest, then (c) FIFO, and tnaly (d) LIFO Round the average cost per un to the noarest cnt. Rourid a final answors lo lhenearst whle dollar.) Number b) ot units Specihc unit cost Average cost Cust of goods soid1 Ending inventory 3 2,735 11 ,85 Enter any number in the edit telds and then dick Check Answer Clear All Check