Please show all steps and formulas used.

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 $ Cost of goods sold \begin{tabular}{c} Income Statement \\ \hline Revenue - Expenses = Income \\ 0 \end{tabular} 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? OLIFOOFIFOOAverage Cost 2. Minimize income taxes for the period? 3. Report the largest amount of income for the period? OLIFOOFIFOOAverage Cost Please answer all parts of the