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Calculate the value of ending inventory and cost of goods

Question - Hess Company's inventory records show the following data for the month of September:

Units Unit Cost

Inventory, September 1 100 $3.00

Purchases: September 8 450 3.50

September 18 300 3.70

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.

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Accounting Basics: Calculate the value of ending inventory and cost of goods

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