Welding products company had a beginning inventory

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Reference no: EM13922478

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:

Welding Products uses a perpetual inventory system, and the sales price of the welding rods was $130 per case.

Required:

1. Compute the cost of ending inventory and cost of goods sold using the FIFO method.

Cost of ending inventory	$
Cost of goods sold	$

2. Compute the cost of ending inventory and cost of goods sold using the LIFO method.

Cost of ending inventory	$
Cost of goods sold	$

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	$
Cost of goods sold	$

Reference no: EM13922478

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