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Inventory Costing Methods Periodic Method Chen Sales Corporation is the periodic inventory system. On January 1, 2012 Chen had 1,000 units of product with unit cost of 570 per unit. A summary of purchases and es during 2012 follows: Units US Cost Purchased Sold 400 AR 572 00 ye 1600 76 D 100 Dec. 30 79 1.200 Required Assame 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, 2017 for product 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 Asume that Cherases the weighted average cost method. Computer the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012. for product A Do not found until your final answers, Round your answers to the nearest dollar trony Cost of God ILMO 0 0 1 Contos WA Cory Casto 0 Ainth Chapare perishitems. Which of the the inventory coon methods would you choose to Assume this during period of reco . 1 emne od now throth the bus Business Course Return to course Support My Subscriptions C. Assume that Chen uses the weighted average cost method. Compute the cost of goods sold for 2012 and the ending inventory batance at December 31, 2012, for product Do not round until your final answers. Round your answers to the nearest dollar tistour Ending intory 5 Cost of Goods Sold 1 Latour Ending 5 Cost of Goods Sold Weed Entry Contod sold 0 0 0 0 d. Assuming that Charts products are perishable items, which of the three inventory costing methods would you choose to Assume this is during 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? Please answer parts of the question Inventory Costing Methods Periodic Method Chen Sales Corporation uses the periodic inventory ystem on January 1, 2012. Chen hat 1,000 units of product with a unit cost of $70 per unit. A summary of purchases and sales during 2012 follows: Un Uni Unit Cost Purchased som 400 Ars 100 10 1600 A 76 O BIO DO 70 200 Reque a. Assume that Chen uses the listin, first out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012. for product 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 L. Assume that Chen uses the weighted average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance December 11, 2012, for product Do not round until your final answers, Round your answers to the nearest dollar D Tiin. Inangry $ Cost of Goods 1 rout End 1 Costos S 1 We Are Egy 1 Cast of Gods sold 0 0 0 d. Assuming that Chen's products are perishable items, which of the three inwentary 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? Please answer all parts of the