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

question 198

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.

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Definitions:

Contingency Approach

The Contingency Approach refers to a management theory that suggests the best way to manage an organization depends on, and is contingent upon, the internal and external situation.

Managerial Activities

Tasks and responsibilities undertaken by managers to plan, organize, lead, and control the operations of an organization.

Networking

The practice of building, maintaining, and utilizing relationships, especially for professional or business purposes.

Absenteeism Rate

The frequency or rate at which employees are absent from work, typically expressed as a percentage of total working days.