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Mckniey Companys inventory recards for its retail dvision show the following at May 31 (Cick the lcon to view the acorting records) Ad May 31, 11ofthese nts are on hard Read the teemns Requiremen 1.Compute cost of goeds sold and ending inventory, using each of the elowing tour lnventory methods Begin by emering the number of units sold and mumber of units in ending iInventory Then calculate cost of goods sold and ending inventory using (a) specific identnication than (b) average cost then (c) FIFO, and Sinally (d) LIFO (Round the average cost per unlt to the nearest conf Round all inal ansees to the nearest whole dolar) Number b) 6 of units Specific identfiction erage cost FIFO LIFO Cost af goods sold Ending inventory Requirement 2. Which mathod produces the highest cost of goods soke? Which motiod produces the lowest cost of goods soldi 1. Campute cont of goods sold and ending invwntory using each of the follovwing metheds Specdic identication, with seven $170 units and four 180 unts sin What causes the difernce in cost of goods sold? hand at the end hich method produces the highest cost of goeds s Which method produces the lowest cost of goods sol The difference in cost of goods sold under ths two methods idertifiled above was cassed by b. Average cost d. LIFO produces the lowest coot of goods sold? What causes the diference in cost o 2. Which method produces the highest cost of goods sold? Which method goods sold? Pint Done Data Table May 1 Baginning ientoryuns 170$1360 6灬. @ t71-SDS5 12 units 180$ 2.160 5Purchass 25 Puchase Pint Done Erter any number e SI felds ard then connue to the xt question
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