WW JUULIPUUNS 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 $24. A summary of purchases during the current period follows Units Unit Cost Cost Beginning inventory 1,000 $24 $24,000 Purchases: 31 1,800 26 46,800 #2 800 30 24,000 1 200 33 39,600 During the current period, Chen sold 2,800 units. a. Assume that Chen uses the first.in, first-out method. Compute its cost of goods sold for the current period and the ending inventory balance Cost of Goods Sold 3 Ending inventory S 70.800 63,600 b. Assume that Chen uses the last.in, first-out method Compute its cost of goods sold for the current period and the ending inventory balance Cost of Goods Sold Ending inventory 84 400 50,000 3 Astume that Chen uses the average cost method Compute its cost of goods sold for the current period and the ending invenitory balance. Cost of Goods Sold Ending wory 79.100 56.500 X d. Which of these three inventory costing methods would you choose to assume a period of rising prices MacBook Air 898 % 5 4 8