Please assist with the following: Applying and Analyzing Inventory Costing Methods At the...
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Accounting
Please assist with the following:
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 $20. A summary of purchases during the current period follows: Units Unit Cost Cost Beginning Inventory 1,000 Purchases: #11,800 #2 800 #3 1,200 $20 $20,000 22 39,600 26 20,800 29 34,800 During the current period, Chen sold 2,800 units. a. Assume that Chen uses the first-in, first-out method. Compute its cost of goods sold for the current period and the ending inventory balance. Cost of Goods Sold Ending Inventory $ b. Assume that Chen uses the last-in, first-out method. Compute its cost of goods sold for the current period and the ending inventory balance. Cost of Goods Sold Ending Inventory
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