Inventory Costing Methods-Periodic Method 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: 1 Unit Units Units Cost Purchased Sold 400 Feb.2. 522 1.800 Apr.6 July 10 Aug. 9 1,600 25 800 Oct.23 800 Dec. 30 29 Required a. 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. 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. c. 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 Do not round until your final answers. Round your answers to the nearest dollar. 6:46 PM 4/2/202 a p Type here to search Do not round until your final answers. Round your answers to the nearest dollar. a. First-in, First-out: 0 0 0 Ending Inventory $ Cost of Goods Sold $ b. Last-in, first-out: Ending Inventory $ Cost of Goods Sold $ c. Weighted Average Ending Inventory $ Cost of goods sold 5 0 0 0 d. Assuming that Chen's products are perishable items, which of the three inventory costing methods would you choose to: Assume this is during a period of rising costs. - ho 1. Reflect the likely goods flow through the business? 2. Minimize income taxes for the period? 3. Report the largest amount of net income for the period? Check My