Chen Sales Corporation uses the periodic inventory system. On January 1, 2015, Chen had 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during 2015 follows:

MNJ MNS a. 250 Feb. 2 Apr. 6 July 10 Calculate the value of the company's ending inventory using the lower-of-cost-or-market method ap plied to each item of inventory. LO2, 3 P6-4A. Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inven tory system. On January 1, 2015, Chen had 1,000 units of product A with a unit cost of $20 per unit, A summary of purchases and sales during 2015 follows: Aug. 9. Oct. 23 Dec. 30. Unit Cost $22 33 25 29 Units Purchased 1,800 37 800 1,400 Units Sold 400 1,600 800 Required Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A. b. C. d. Assume that Chen uses the last-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A. Chapter 6 Accounting for Inventory Assume that Chen uses the weighted-average cost method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A. Assuming that Chen's products are perishable items, which of the three inventory costing meth- ods would you choose to: 1. Reflect the likely goods flow through the business? Minimize income taxes for the period? Report the largest amount of net income for the period? Explain your answers. 2. 3. 5A. Inventory Turnover and Days' Sales in Inventory The Eastern Corporation installed a new inven- tory management system at the beginning of 2015. Eastern reported an inventory turnover of 2.80 in 2015. Shown below are data from the company's accounting records as reported by the new system: 2015 2016 $19,000,000 $20,000,000 8.900.000 0.000