6. Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $21. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units. Units Unit Cost Cost Beginning Inventory 1,000 S21 $ 21,000 Purchase #1 1,800 23 41,400 Purchase #2 800 27 21,600 Purchase #3 1,200 30 36,000 (a) Assume that Chen uses the first-in, first-out method (FIFO). Compute both cost of goods sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period. Please show your calculations. Ending inventory balance: Cost of goods sold: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Cash Asset Noncash + Asset Contributed +Capital Retained Earnings (Or Eamed +Capital) Liabilities Net Income Revenue Expense Recording FIFO cost of goods sold (b) Assume that Chen uses the last-in, first-out method (LIFO). Compute both cost of goods sold for the current period and the ending inventory balance. Please show your calculations. Ending inventory balance: Cost of goods sold