Use the data for Ontario, Inc., in Exercise 6-16A 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 three $155 units and five $165 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 goodssold?

= S 620 7 units @ 155 = S1.085 12 units @ 165= $1,980 Jan 1 Beginning inventory 4 units @ $155 26 Purchase