Applying and Analyzing Inventory Costing MethodsAt the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $32. A summary of purchases during the current period follows. UnitsUnit CostCostBeginning Inventory1,000$32$32,000Purchase #11,8003461,200Purchase #28003830,400Purchase #31,2004149,200(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.Ending inventory balance $ Cost of goods sold $

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Description: Applying and Analyzing Inventory Costing MethodsAt the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $32. A summary of purchases during the current period follows. UnitsUnit CostCostBeginning Inventory1,

Assuming a sales of 3300 units in the period ans using the FIFO method (first in-first out), we…

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.10MCP: Comparison of Inventory Costing Methodsâ€”Periodic System Bitten Companys inventory records show 600...

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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 $32. A summary of purchases during the current period follows.

	Units	Unit Cost	Cost
Beginning Inventory	1,000	$32	$32,000
Purchase #1	1,800	34	61,200
Purchase #2	800	38	30,400
Purchase #3	1,200	41	49,200

(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.
Ending inventory balance $

Cost of goods sold $

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