The Holly Corporation made the following merchandise purchases during the current year Date Qty Transaction Cost per unit $15 $20 Jan. 1 Feb.14 May 1 June 10 July 5 Sept. 13 Oct. 1 380 Purchased at 180 Sold 270 Purchased at 320 Sold 300 Purchased at 400 Sold 250 Purchased at $24 $30 There was no beginning inventory. Holly Corporation uses FIFO to estimate inventory and uses the perpetual inventory method. Calculate the ending value of inventory on hand b. Assuming the September 13 sales was at a selling price of $45 per unit on credit. Prepare the entries to record the sale on account and cost of goods sold on that date