Inventory Costing Methods—Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2015, Chen had 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during 2015 follows:
Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A.
Assume that Chen uses the last-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A.
Assume that Chen uses the weighted-average cost method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product A.
Do not round until your final answers. Round your answers to the nearest dollar.
|Cost of Goods Sold||$Answer|
|Cost of Goods Sold||$Answer|
|Cost of goods sold||$Answer|
d. Assuming that Chen’s products are perishable items, which of the three inventory costing methods would you choose to:
Assume this is during a period of rising costs.
|1. Reflect the likely goods flow through the business?||AnswerFirst-in, first outLast-in, first outWeighted-average cost|
|2. Minimize income taxes for the period?||AnswerFirst-in, first outLast-in, first outWeighted-average cost|
|3. Report the largest amount of net income for the period?||AnswerFirst-in, first outLast-in, first outWeighted-average cost|
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