QUESTION 1 Not complete Points out of 17.00PFlag question Applying and Analyzing Inventory Costing Methods At the beginning of the current period Chen sold 2,800 units. , Chen carried 1,000 units of its product with a unit cost of $40. A summary of purchases during the current period follows. During the period, Units Unit Cost Cost Beginning Inventory 1.000 40 40,000 1,800 44 79,200 800 52 41.600 58 69,600 Purchase #1 Purchase "2 Purchase #3 1.200 (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 s 0 Use negative signs with your answers, when appropriate Balance Sheet Income Statement Noncash Contributed Earned Liabilities Capital Capital Cash Asset+ Net Revenue Expenses Income Record FIFO cost of goods sold 0 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 s o Cost of goods solds 0