I'm terribly confused and would like to understand the concepts. If you could show your work step by step I would be grateful. For example, in question one regarding FIFO-- I am confused as to how to figure out the number of units sold on July 20th? Why are 10 bikes sold @ 91$, and 10 sold @ 106$? Same with July 31st-- why are 5 bikes sold at $106$ and 18 sold at $115? I don't understand where the bike numbers are coming from? As with LIFO--for question 2 where do the numbers below come from for the cost of goods and inventory balance? (Cost of goods sold = (10*119+13*115) = 2685 Ending inventory = (7*115+5*91) = 1260)

Knowledge Check 01 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 LIFO, 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 Knowledge Check 01 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 weighted average, 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