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 $10. a summary of purchases during the current period follows. during the period chen sold 2800 units.

a) assume that Chen uses the first in, first out method. compute both cost a good sold for the current period and the ending inventory balance. use the financial statement effects templates record cost of goods sold for the period. use negative signs with answers when appropriate.

b) assume that Chen uses the last in first out method compute both cost a good sold for the current period and the ending inventory balance.

c) assume that Chen uses the average cost of method. compute both cost a good sold for the current period and ending inventory balance. (do not round average cost per unit for calculations)

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 $10. 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 $ 10 $10,000 Purchase #1 1.800 19,800 Purchase #2 10,400 1.200 11 800 13 Purchase #3 15 18.000 (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 $0 Cost of goods sold $ 0 Use negative signs with answers, when appropriate. Balance Sheet Income Statement Transaction Record FIFO cost of goods sold Noncash Assets 0 Cash Asset + 0 + Contributed Capital 0 - Llabilities + 0 Barned Capital 0 Revenue 0 Expenses 0 (b) Assume that Chen uses the last in, first-out method, Compute both cost of good sold for the current period and the ending inventory balance. Ending inventory balance $ 0 Cost of goods sold $0 () Assume that Chen uses the average cost method, Compute both cost of good sold for the current period and the ending inventory balance. (HINT: Do not round average cost per unit for calculations.) Ending inventory balance $ 0 Cost of goods sold $ 0