Shellhammer Company's inventory records show the following data for the month of September: $$\begin{array} { l c c }
& \underline { \text { Units} } & \underline { \text { Unit Cost } } \
\text { Inventory, September 1 } &100& \$ 3.34 \
\text { Purchases: September 8 } & 450 & 3.50 \
\quad\quad\quad\quad\quad\text { September 18 }& 350 & 3.70
\end{array}$$ A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system.

Question

Shellhammer Company's inventory records show the following data for the month of September: $$\begin{array} { l c c } 
& \underline { \text { Units} } & \underline { \text { Unit Cost } }  \
\text { Inventory, September 1 } &100& \$ 3.34 \
\text { Purchases: September 8 } & 450 & 3.50 \
\quad\quad\quad\quad\quad\text { September 18 }& 350 & 3.70
\end{array}$$ A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system.

Quizplus · Accepted Answer

The Answer of Shellhammer Company's inventory records show the following data for the month of September: $$\begin{array} { l c c } 
& \underline { \text { Units} } & \underline { \text { Unit Cost } }  \
\text { Inventory, September 1 } &100& \$ 3.34 \
\text { Purchases: September 8 } & 450 & 3.50 \
\quad\quad\quad\quad\quad\text { September 18 }& 350 & 3.70
\end{array}$$ A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system.

Shellhammer Company's Inventory Records Show the Following Data for the Month