Use the data for Ron€™s, Inc., in Exercise 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 five $160 units and five $170 units still on hand at the end.
b. Average cost.
c. FIFO.
d. LIFO.
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?

May 1 Beginning inventory 15 Purchase 26 Purchase 7units @ $160= 6 units @ 160= $1,120 960 1,870 11 units @ 170