Shellhammer Company's Inventory and Purchases Accounts Show the Following Data

Essay

Shellhammer Company's inventory and purchases accounts show the following data for the month of September: $\begin{array}{llr}&\text { Units }&\text { Unit Cost }\\\text { Inventory, September 1 } & 100 & \$ 3.34 \\\text { Purchases: September 8 } & 450 & 3.50 \\\text { September 18 } & 350 & 3.70\end{array}$ A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses the weighted average method and a periodic inventory system. Round cost per unit to 2 decimal places and ending inventory and cost of goods sold to the nearest dollar.