Hess Company's inventory records show the following data for the month of September: 
A physical inventory on September 30 shows 150 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.
Definitions:
Lot Size
The quantity of goods processed, transported, or ordered at one time, affecting costs, efficiency, and inventory management.
Optimal Lot Size
The most economically advantageous quantity of a product to order or produce, balancing between ordering costs and holding costs.
Economic Order Quantity
A formula used to determine the most cost-effective quantity of inventory to order, balancing the costs of ordering and holding stock.
Optimal Order Quantity
The most efficient amount of stock to order that minimizes total inventory costs, including ordering and holding costs.
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