Assignment 3 Q1: Opti 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 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 Answer: Q2: The following information is available for Harold Company Beginning inventory 600 units at $5 First purchase 900 units at $6 Second purchase 500 units at $7 Assume that Harold uses a periodic inventory system and that there are 700 units left at the end of the month. Using the information above, compute each of the following under the average cost method: (a) Cost of ending inventory (b) Cost of goods sold