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Inventory Costing Methods-Periodic Method Chou Sales Corporation uses the periodic inventory system. On January 1, Chou had 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during the year follows: Unit Units Units Cost Purchased Sold 400 Feb 2 Apr.6 $22 July 10 Aug.9 25 Oct.23 Dec.30 28 1,800 1,400 800 a. First-in, First-out: Required a. Assume that Chou uses the first-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product A b. Assume that Chou uses the last-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product A. c. Assume that Chou uses the weighted-average cost method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product A. Do not round until your final answers. Round your answers to the nearest dollar. Ending Inventory $ Cost of Goods Sold $ b. Last-in, first-out: 1,600 Ending Inventory $ Cost of Goods Sold $ C Weighted Average Ending Inventory $ Cost of goods sold $ 800 0x 0 x 0x 0 x 0x 0x

Inventory Costing Methods-Periodic Method Chou Sales Corporation uses the periode inventory sonem, On january 1, Chou had 1,000 inits of product A with a unit cont of szo per unit. A summary of purchases and sales during the year follows Ainquined a. Assume that Chou ises the firstin, first-out mechod Compute the cost of goods sold for the year and the ending inventory balance at Dectember 31 for product A b. Assume that Chouvis the lastin, fist-out method. Compule the cost of goods soid for the year and the ending inventary balance at December 31 for product A Do not round unt your final answers. Round your answers to the nearest dollar

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