goods sold for the period. Ending inventory balance $ Cost of goods sold $ Use negative signs with your 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 $ Cost of goods sold Use negative signs with your 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 $ 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 OFIFO Average Cost 2. Minimize income taxes for the period? - LIFO FIFO Average Cost 3. Report the largest amount of income for the period? LIFO OFIFO Average Cost