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 Cases Sold June 9 June 29975 Welding Products uses a perpetual inventory system, and the sales price of the welding rods was $130 per case. 990 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 38,640 195,490 31,305 202,825