Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012, Chen had: 1,000 units of product A with a unit cost of $30 per unit. A summary of purchases and sales during 2012 follows:

Unit Units Units
Cost Purchased Sold
Feb.2 400
Apr.6 $32 1,800
July 10 1,600
Aug.9 36 800
Oct.23 800
Dec.30 39 1,200

Required

Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A.

Assume that Chen uses the last-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A.

Assume that Chen uses the weighted-average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A.