Sons Parts CORTELMATKU ODU S question Inventory Costin…

Sons Parts CORTELMATKU ODU S question Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic...

Sons Parts CORTELMATKU ODU S question Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012, Chen had: 1,000 units of product A with a unit cost of $50 per unit. A summary of purchases and sales during 2012 follows: Feb 2 Apr.6 July 10 Aug 9 Oct.23 Dec 30 Unit Units Units Cost Purchased Sold 400 $52 1,800 1,600 56 59 1.200 Required a. Assume that Chen uses the first in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. b. Assume that Chen uses the last.in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A c. Assume that Chen uses the weighted average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A Do not round until your final answers, Round your answers to the nearest dollar a. First-in, First-out

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Chen Sales Corporation FIFO Periodic units unit cost Total Cost Date 1.1.2012 1000 50 50000 6.4.2012 1800 52 93600 9.8.2012 8

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