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 Purchase #1 1,800 $ 15 $ 15,000 14 25,200 16 12,800 19 22,800 Purchase #2 800 Purchase #3 1,200 (C) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance. (Hint: Round average cost per unit two decimal places prior to calculating the Ending inventory balance. Calculate the cost of Goods Sold (CGS) as: (CGS = Cost of goods available for sale - Ending inventory balance.) Ending inventory balance $ 0 X Cost of goods sold $ 0 X