eBook Print Question 1 Partially correct Mark 7.00 out of 17.00 P Flag question 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 Beginning Inventory 1,000 $32 $32,000 Purchase #1 1,800 34 61,200 Purchase #2 800 38 30,400 Purchase #3 1,200 41 49,200 Hous 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 $ 0 Cost of goods sold $ 0 Use negative signs with answers, when appropriate. Balance Sheet + Noncash Assets - + + Earned Capital Contributed Capital Transaction Record FIFO cost of goods sold Revenue Cash Asset 0 Liabilities 0 Support od. Compute both cost of good sold for the current period and the nt effects template to record cost of goods sold for the period. Income Statement buted Earned ital + Capital 00x Net Income Revenue - Expenses 0X (b) Assume that Chen uses the last-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Ending inventory balance $0 x Cost of goods sold (c) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance. Ending inventory balance $ 0 Cost of goods sold $0