Reference no: EM133009488
At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $22. A summary of purchases during the current period follows:
Units Unit Cost Cost
Beginning Inventory 1,000 $22 $22,000
Purchases: #1 1,800 24 43,200
#2 800 28 22,400
#3 1,200 31 37,200
During the current period, Chen sold 2,800 units.
Problem 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.
Problem 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.
Problem c. Assume that Chen uses the average cost method. Compute its cost of goods sold for the current period and the ending inventory balance.
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