Shellhammer Company's inventory records show the following data for the month of September: 
A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system.
Definitions:
Chronological Age
The actual age of an individual measured in years from the date of birth.
Mental Age
A concept used in intelligence testing that represents the intellectual age level an individual is functioning at, as compared to the average intellectual performance of individuals in their chronological age.
IQ
An abbreviation for Intelligence Quotient, a measure of a person's cognitive abilities and potential relative to their age group.
Divergent Thinking
A way of solving problems and generating creative ideas by exploring many possible solutions.
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