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