Knowledge Check 01 A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. The 12 units sold consisted of 7 units from the August 3rd purchase and 5 units from the August 1st beginning inventory. Using specific identification, the cost of the 12 units sold is Cost of the unit o Knowledge Check 01 A company has beginning inventory of $20,000 purchases of $15,000, and ending inventory of $2.500. The cost of goods available for sale is Cont of goods we for sal Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: All to April 15 out 20 $10 112 314 $10 117 One unit is sold on April 25. The company uses the weighted average inventory costing method. Identity the cost of the ending Inventory on the balance sheet. (Round your answer to 2 decimal places.) out of it and goty