P365
5 *E6-30B. (Learning Objective 2, 3: Determining ending inventory and cost of goods sold by
four methods) Use the data for Riva's, Inc., in Exercise 6-29B 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 four $150 units and six $160 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 low-
est cost of goods sold? What causes the difference in cost of goods sold?