Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory,
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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 the ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.
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