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Knowledge Check 01 Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following...

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Accounting

Knowledge Check 01
Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: August 1,
purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or $106 per unit; August 14, sold 20 units; August
17, purchased 20 units for $2,300 or $115 per unit; August 28, purchased 10 units for $1,190 or $119 per unit; August 30, sold 23 units.
Using LIFO, the cost of goods sold for the sale of 23 units on August 30 is
and the inventory balance at August 30 is
Cost of goods sold
Inventory balance
image

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