Mesa Company's Inventory Records Show the Following Data for the Month

Essay

Mesa Company's inventory records show the following data for the month of September: $$\begin{array} { l c c } & \underline { \text { Units} } & \underline { \text { Unit Cost } } \\\text { Inventory, September 1 } &100& \$ 3.35 \\\text { Purchases: September8 } & 450 & 3.50 \\\quad\quad\quad\quad\quad\text { September 18 }& 350 & 3.70\end{array}$$
A physical inventory on September 30 shows 250 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.