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 $20. A summary of purchases during the current period follows Units Unit Cost Cost Beginning Inventory 1,000 Purchases: #11,800 #2 800 #3 1,200 $20 $20,000 22 39,600 26 20,800 29 34,800 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 $115,200X Ending Inventory