Knowledge Check $01$

Intercontinental Incorporated, uses a periodic inventory system. At the end of Year $2,$ the account records provided the following information relating to one of its products.

Units Unit Cost

Inventory, December $31,$ Year $11,830$ $ $6$

For Year $2$:

Purchase, March $21,$ Year $26,200$ $ $5$

Purchase, August $1,$ Year $24,070$ $ $3$

Inventory, December $31,$ Year $22,910$

What is the amount of ending inventory and cost of goods sold under the LIFO inventory costing method?

Note: Do not round intermediate calculations. Round your final answers to the nearest dollar amount.