Business, 11.02.2020 03:27 mahmudabiazp3ekot
At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $10. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units. Units Unit Cost CostBeginning Inventory 1,000 $ 10 $ 10,000Purchase #1 1,800 11 19,800Purchase #2 800 13 10,400Purchase #3 1,200 15 18,000(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.
(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.
(c) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance.
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