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:
Drawing Account
An account that tracks the amount withdrawn by the owners from the business for personal use.
Credit Balance
The amount appearing on the credit side of a ledger, indicating the total credits exceed the total debits in an account.
Debit Balance
It is the remaining amount owing in an account after all debits and credits have been accounted for, typically found in asset and expense accounts.
Recorded By Credits
Recorded by Credits refers to accounting entries made on the credit side of an account, indicating an increase in liabilities, revenue, or equity, or a decrease in assets.
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