QUESTION 1 Not complete Marked out of 17.00 Flag question Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $32. A summary of purchases during the current period follows. Units Unit Cost Cost 1,000 1,800 Beginning Inventory Purchase #1 Purchase #2 Purchase #3 $32 $32,000 34 61,200 38 30,400 41 49,200 800 1,200 During the current period, Chen sold 2,800 units (a) Assume that Chen uses the first-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period Ending inventory balance s 0 Cost of goods sold $ 0 Use negative signs with answers, when appropriate Balance Sheet Noncash Contributed Earn Transaction Cash Asset + Assets Liabilities Capital Capit