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 $22. A summary of purchases during the current period follows: Units Unit Cost Cost Beginning Inventory 1,000 $22 $22,000 Purchases: #1 1,800 24 43,200 #2 800 28 22,400 #3 1,200 31 37,200 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 Answer 65,200 Ending Inventory Answer 59,600 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