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Inventory Costine Methods Periodic Method Chen Sales Corporation uses the periodic inventory system. On january 1, 2052, Chan had: 1,000 units of product with a unit cost of 570 per unit summary of purchase and Lots during 2012 follows Un Grailer Unit Cost Purchased sold * 100 200 2. Assume that Chen uses the fin, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at Gecember 31, 2012, for product D. Assume that he uses the last in fest out method. Compute the cost of goods sold for 2012 and the ending inventory batance at December 31, 2012. for product Asume the the weighted average cost method Computo the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product Do not round until your final answers Round your answers to the nearest dollar 0 CG Anant 0 in that change poms, which of the theory contine methods would you choose to Assume that durinprofit Reflect the flow through the business come for the end mount income for the Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012, the company sells just one product: Beginning Inventory Purchases: Feb. 11 Units Unit Cost 200 $50 500 $54 400 56 100 60 May 18 Oct. 23 At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost method. Do not round until your final answers. Round your answers to the nearest dollar. A. First-in, First-out: Ending Inventory$ Cost of goods sold $ B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ C Weighted Average Ending Inventory Cost of goods sold 5 0 0 0 0 $ 0 0

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