Ron Com

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At July $31$

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Cost of $g$

Ending in

Requirements

Compute cost of goods sold and ending inventory, using each of the

following methods:

a$.$ Specific identification, with seven $$160$ units and four $$170$ units still on

hand at the end

b$.$ Average cost

c$.$ FIFO

d$.$ LIFO

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?Ron $$Company$\text{'}$s inventory records for its retail division show the following at July $31$:

LOADING...$($Click the icon to view the accounting$$ records.$)$

At July $31,11$ of these units are on hand.

Read the requirementsLOADING....

Question content area bottom

Part $1$

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 nearest whole$$ dollar.$)$

Number

of Ron Company's inventory records for its retail division show the following at July $31$ :

$($Click the icon to view the accounting records.$)$

At July $31,11$ of these units are on hand.

Read the requirements.

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

nearest whole dollar.$)$

Number

of units

Cost of goods sold

Ending inventory

Data tableunits

Cost of goods sold

Ending inventory