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.

                         W/A                FIFO            LIFO

COGS:           $66,528        $59,600      $72,400

EI:                   $52,272‬        $59,200     $46,400

Explanation:

Beginning  1,000 units at $20 each    =          20,000

Purchases:

April:           1,800 at 22  =        39,600

August:         800 at 25  =        20,000

December: 1,400 at 28  =        39,200  

Total Units: 5,000     Cost of goods available: 118,800

Sales: 400 + 1,600 + 800 = 2,800

        February + July + October          

Ending Inventory: 5,000 - 2,800 = 2,200

Weigthed average:

goods available / total units: 118,800 / 5,000 = 23.76 ocost per unit.

COGS: 2,800 x $23.76  =  $  66,528

EI:        2,200 x $23.76   =  $  52,272‬

FIFO:

first units are COGS and last units are Ending Inventory:

we take from the top of the table to get the COGS:

1,000 units at $20  = 20,000

1,800 units at $22  = 39,600  

COGS:                        59,600

Ending Inventory: good available - COGS

118,800 - 59,600 = 59,200

LIFO:

first units are ending inventory the company sales the last units:

we take from the bottom of the table to get the COGS

December: 1,400 at 28  = 39,200

August:         800 at 25  = 20,000

April:             600 at 22  =  13,200  

       COGS:                        72,400

EI: 118,800 - 72,400 = 46,400

answer; organization;

answercontrol is returned to method c;