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Solve for part A. FIFO and B. LIFO Chen Sales Corporation uses the perpetual inventory system on January 1, 2015, Chen had 1,000 units of
Solve for part A. FIFO and B. LIFO
Chen Sales Corporation uses the perpetual inventory system on January 1, 2015, Chen had 1,000 units of product A with a unit cost of $20 per unit. A summar during 2015 follows: Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A. Assume that Chen uses the last-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A. Assume that Chen uses the weighted-average cost method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A. Do not round until your final answers. Round to the nearest dollar. First-in, First-Out Ending Inventory Cost of goods Sold Last-In, First-Out Ending Inventory Cost of Goods Sold Weighted Average Ending Inventory Cost of Goods SoldStep by Step Solution
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