Inventory costing methods—periodic method chou sales corporation uses the periodic inventory system. on january 1, 2018, chou had 1,000 units of product a with a unit cost of $20 per unit. a summary of purchases and sales during 2018 follows: unit cost units purchased units sold feb.2 400 apr.6 $22 1,800 july 10 1,600 aug.9 25 800 oct.23 800 dec.30 28 1,400 required assume that chou uses the first-in, first-out method. compute the cost of goods sold for 2018 and the ending inventory balance at december 31, 2018, for product a. assume that chou uses the last-in, first-out method. compute the cost of goods sold for 2018 and the ending inventory balance at december 31, 2018, for product a. assume that chou uses the weighted-average cost method. compute the cost of goods sold for 2018 and the ending inventory balance at december 31, 2018, for product a. do not round until your final answers. round your answers to the nearest dollar. a. first-in, first-out: ending inventory answer 60,600 cost of goods sold answer 59,600 b. last-in, first-out: ending inventory answer 46,400 cost of goods sold answer 73,800 c. weighted average ending inventory answer 52,888 cost of goods sold answer 67,312 d. assuming that chou’s products are perishable items, which of the three inventory costing methods would you choose to: assume this is during a period of rising costs. 1. reflect the likely goods flow through the business