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 $40. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units Pen Purchase P Units Unit Cast Cost very 1,000 SAD 140000 1.800 44 79200 300 1200 52 41,600 500 (x) Assume that Chen uses the first-in, first out method. Compute both cast 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 so Cost of goods sold Use negative signs with your answers, when appropriate. Balance Sheet Noncash Transaction Cash Asset Contributed Capital farmed Capital Rad cost of good (b) Asume that Cheruses the last in first-out method. Compute both cost of good sold for the current period and the ending inventory balance Ending inventory balance o Cost of goods sold $0