Business, 26.03.2020 16:57 santosm35

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 Cost
Beginning Inventory 1,000 $ 10 $ 10,000
Purchase #1 1,800 11 19,800
Purchase #2 800 13 10,400
Purchase #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. Use the financial statement effects template to record cost of goods sold for the period.
(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.

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