Inventory Costing Methods - Periodic Method

Chen Sales Corporation uses the periodic inventory system. On January 1, 2015, Chen had 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during 2015 follows:

MNS .. 250 37 Calculate the value of the company's ending inventory using the lower-of-cost-or-market method plied to each item of inventory L02, 3 P64A. Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic in tory system. On January 1, 2015, Chen had 1,000 units of product A with a unit cost of $20 per unit A summary of purchases and sales during 2015 follows: Units Unit Cost Purchased Units Sold Feb. 2.... Apr. 6 July 10 $22 25 29 1,800 800 1,400 400 1,600 800 Oct. 23... Required a. Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A