03:39 20201214192512 Use the following information for Exercises 3,4,and 5. Widmer Corporation's accounting records disclose the following information regarding purchases of inventory item no. 329 during May: Tot Unit al Uni Cos Co ts t st Beginning inventory, May 1... 50 $10. $50 10 10 5 Purchase, May 3..................... 40 11. 44 40 00 0 Purchase, May 8... Purchase, May 12.... 90 12. 1,08 90 00 0 20 13. 27 75 5 On May 11, Widmer sold 150 units at a price of $16.10 each. 3. Assume Widmer uses perpetual inventory system. Compute the cost of goods sold and the cost of the ending inventory of 50 units under each of the 03:39 20201214192512 On May 11, Widmer sold 150 units at a price of $16.10 each. 3. Assume Widmer uses perpetual inventory system. Compute the cost of goods sold and the cost of the ending inventory of 50 units under each of the following inventory methods. Goods Inventory a. FIFO cost... $ b. LIFO cost.. $ C. Average cost... $ Cost of Sold 4. Assume Widmer uses a periodic inventory system. Compute the cost of goods sold and the cost of the ending inventory of 50 units under each of the following inventory methods. Cost of Goods Inventory Cost of Goods a. FIFO cost....... $ b. LIFO cost... $ C. $ $ $ Average cost............ $ a. b. 5. Assume the replacement cost of each unit of item no. 329 on May 31 is $12.50, and that Widmer uses the FIFO cost flow assumption. Compute the cost of ending inventory and the cost of goods sold applying the lower-of- cost-or-market rule (with "cost" being defined as the FIFO cost computed in exercises 3 and 4 above). Cost of ending inventory using LCM rule .$ Cost of goods sold using LCM rule................. ..$