Question: Use the data for Langley Inc. in exercise E6-16 to answer the following. Requirements 1. Compute cost of goods sold and ending inventory , using

Use the data for Langley Inc. in exercise E6-16 to answer the following.

Requirements

1. Compute cost of goods sold and ending inventory, using each of the following methods:

a. Specific unit cost, with two $150 units, three $160 units, and five $170 units still on hand at the end

b. Weighted-average cost

c. First-in, first-out cost

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?

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