The Holly Corporation made the following merchandise purchases during the current year. Date Qty Transaction Cost per unit Jan. 1 380 Purchased at $15 Feb. 14 180 Sold May 1 270 Purchased at $20 June 10 320 Sold July 5 300 Purchased at $24 Sept. 13 400 Sold Oct. 1 250 Purchased at $30 There was no beginning inventory. Holly Corporation uses FIFO to estimate inventory and uses the perpetual inventory method. a 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