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please answer question3,4,5 Exercise 6-51 Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases of welding rods that
please answer question3,4,5
Exercise 6-51 Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases of welding rods that had been purchased for $88 per case. Welding Products purchased 1,150 cases at a cost of $95 per case on June 3. On June 19, the company purchased another 950 cases at a cost of $112 per case Sales data for the welding rods are Date June 9 June 29 Welding Products uses a perpetual inventory system, and the sales price of the welding rods was $130 per case Cases Sold 990 975 Required: 1. Compute the cost of ending inventory and cost of goods sold using the FIFO method Cost of ending inventory 38,640 Cost of goods sold 195,490 2. Compute the cost of ending inventory and cost of goods sold using the LIFO method Cost of ending inventory 31,305 Cost of goods sold 202,825 3. Compute the cost of ending inventory and cost of goods sold using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) Cost of ending inventory 36,891.50 X Cost of goods sold 197,238.5XStep by Step Solution
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