goods sold for the period. Ending inventory balance $ Cost of goods sold Use negative signs with answers, when appropriate. (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 q 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 $ Cost of goods sold $ (d) Which of these three inventory costing methods would you choose to: 1. Reflect what is probably the physical flow of goods? LIFO FIFO Average Cost 2. Minimize income taxes for the period? LIFO FIFO Average Cost 3. Report the largest amount of income for the period? LIFO FIFO Average Cost