Question 4 Not complete Mark 0.50 out of 1.50 Inventory Costing Methods-Perpetual Method Chen Sales...
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Question 4 Not complete Mark 0.50 out of 1.50 Inventory Costing Methods-Perpetual Method Chen Sales Corporation uses the perpetual inventory system. On January 1, Chen had: 1,000 units of product A with a unit cost of $25 per unit. A summary of purchases and sales during the year follows: Unit Units Units Cost Purchased Sold 400 Feb.2 Apr.6 $27 July 10 Aug.9 31 Oct.23 Dec 30 34 1,800 a. First-In, First-Out b. Last-In, First-Out 800 1,200 Ending Inventory $ Cost of goods Sold $ Required a. Assume that Chen 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 Chen 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 Chen 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 to the nearest dollar. Ending Inventory $ Cost of Goods Sold $ c. Weighted Average 1,600 Ending Inventory $ Cost of Goods Sold $ 800 65,600 73,600 Ask your instructor P Flag question 0x 0x 0 x 0x 
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Question 4 Not complete Mark 0.50 out of 1.50 Inventory Costing Methods-Perpetual Method Chen Sales Corporation uses the perpetual inventory system. On January 1, Chen had: 1,000 units of product A with a unit cost of $25 per unit. A summary of purchases and sales during the year follows: Unit Units Units Cost Purchased Sold 400 Feb.2 Apr.6 $27 July 10 Aug.9 31 Oct.23 Dec 30 34 1,800 a. First-In, First-Out b. Last-In, First-Out 800 1,200 Ending Inventory $ Cost of goods Sold $ Required a. Assume that Chen 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 Chen 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 Chen 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 to the nearest dollar. Ending Inventory $ Cost of Goods Sold $ c. Weighted Average 1,600 Ending Inventory $ Cost of Goods Sold $ 800 65,600 73,600 Ask your instructor P Flag question 0x 0x 0 x 0x
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