Hess Company's inventory records show the following data for the month of September: $\begin{array}{lcc}
& \text { \underline{\text{Units }} } & \text { \underline{\text{Unit Cost }} } \
\text { Inventory, September 1 } & 100 & \$ 3.00 \
\text { Purchases: September 8 } & 450 & 3.50 \
\text { September 18 } & 300 & 3.70
\end{array}$ A physical inventory on September 30 shows 150 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

Hess Company's inventory records show the following data for the month of September: $\begin{array}{lcc} 
& \text { \underline{\text{Units }}  } & \text { \underline{\text{Unit Cost  }} } \
\text { Inventory, September 1 } & 100 & \$ 3.00 \
\text { Purchases: September 8 } & 450 & 3.50 \
\text { September 18 } & 300 & 3.70
\end{array}$ A physical inventory on September 30 shows 150 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 Hess Company's inventory records show the following data for the month of September: $\begin{array}{lcc} 
& \text { \underline{\text{Units }}  } & \text { \underline{\text{Unit Cost  }} } \
\text { Inventory, September 1 } & 100 & \$ 3.00 \
\text { Purchases: September 8 } & 450 & 3.50 \
\text { September 18 } & 300 & 3.70
\end{array}$ A physical inventory on September 30 shows 150 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.

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