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 $32. A summary of purchases during the current period follows. Units Unit Cost Cost eginning Inventory 1,000 $32 $32,000 1,800 800 1,200 Purchase #1 34 61,200 38 30,400 1 49,200 Purchase #2 Purchase #3 During the current period, Chen sold 2,800 units. (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 $ Cost of goods sold