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At the beginning of the current period, Chen Company carried 4 , 5 0 0 units of its product with a unit cost of $
At the beginning of the current period, Chen Company carried units of its product with a unit cost of $ A summary of purchases during the current period follows. Also, during
the current period, Chen sold units.
a Assume that Chen uses the firstin firstout method. Compute both cost of goods sold for the current period and the ending inventory balance.
b Assume that Chen uses the lastin firstout method. Compute both cost of goods sold for the current period and the ending inventory balance.
c Assume that Chen uses the average cost method. Compute both cost of goods sold for the current period and the ending inventory balance.
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