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Flounder Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $2.80 Purchases: September 8 455
Flounder Company's inventory records show the following data for the month of September:
Units | Unit Cost | |||||||
---|---|---|---|---|---|---|---|---|
Inventory, | September 1 | 100 | $2.80 | |||||
Purchases: | September 8 | 455 | 3.00 | |||||
September 18 | 280 | 3.75 |
A physical inventory on September 30 shows 160 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.
Ending inventory | |||
Cost of goods sold |
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