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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 $15. A summary of purchases during the current period follows. During the period, Chen sold 2.800 units. Units Unit Cost Cost Beginning inventory 1,000 315 315.000 Purchase 1 1,800 14 25200 Purchase 2 800 16 12800 Purchase 1.200 22:00 19 (a) Assume that Chen uses the first in, first-out method. Compute both cost of good 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 Ending inventory balance $ 35,600 Cost of goods sold $ 46.200 Use negative signs with answers, when appropriate Balance Sheet Income Statement Cash Asset Transaction Record FF cost of goods and Nencash Assets (40,300 Contributed Capital . Liabilities OV Earned Capital 40.2001 Revenue Expenses 200 NEE Income 40.2003 (b) assume that Chen uses the lastin, first-out method. Compute both cost of good sold for the current period and the ending inventory bwance Ending inventory balance 54,800 Cost of goods sold 50.600 x (C) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance in Round average cost per unit two decimal places prior to calculating the Ending inventory balance Calculate the cost of Goods Sold (CS) as (CGS-Cos of goods available for sale - Ending inventory balance.) Ending inventory balance 531,588 X Cost of goods sold 44,212 x