Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1,...

 

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Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit. July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units: July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit, July 31, sold 23 units. Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is and the inventory balance at July 31 is Cost of goods sold Inventory balance Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit. July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units: July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit, July 31, sold 23 units. Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is and the inventory balance at July 31 is Cost of goods sold Inventory balance

Answer rating: 100% (QA)

Unit Unit Cost Total Cost July 1 10 91 910 July 3 15 106 1590 July 14 ... View the full answer