Widgard sells slabs of widgets for $50 each to large widget conferences. The following are all the transactions relating: Financial Accounting Home Work, NTU, Singapore

Widgard sells slabs of widgets for $50 each to large widget conferences. The following are all the transactions relating to the inventory for the month of June. The company uses a perpetual system of inventory management. Answer the following questions and, if needed, round any intermediate steps and answers to the nearest dollar.

1. Based on the given information, which inventory costing method will result from in the lowest ending inventory for Widgard and why?
2. What are the COGS for the sale on June 12 and June 27 using:
   a. FIFO inventory costing method.
   b. LIFO inventory costing method.
   c. Weighted-average inventory costing method.
3. Compute the ending inventory balance as of 30 Jun using:
   a. FIFO inventory costing method.
   b. LIFO inventory costing method.
   c. Weighted-average inventory costing method.
4. Provide journal entries for each transaction. Use the FIFO method for the computation of COGS. Assume all purchase and sale transactions are cash transactions.
5. Independent of the previous requirements, suppose that on 30 Jun, Widgard determined that they would be able to sell widgets at a price of only $14 per piece. Using the LIFO inventory costing method, show the journal entry Widgard would record on 30 Jun. If no journal entry is required, explain why.