Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012, Chen had: 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during 2012 follows: Unit Units Units Cost Purchased Sold Feb.2 Apr.6 $22 400 1,800 July 10 1,600 Aug.9 Oct 23 Dec.30 26 800 800 20 29 1,200 Required a. Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. b. Assume that Chen uses the last-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. c. Assume that Chen uses the weighted-average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. a. First-in, First-out Ending Inventory Cost of Goods Sold $ b. Last-in, first-out Ending Inventory $ Cost of Goods Sold $ c. Weighted Average Ending Inventory S Cost of goods sold $ 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. 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