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 units sold Knowledge Check 01 Intercontinental, Incorporated, 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 $105 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 3115 and the Inventory balance at July 31 15 Cost of goods sold Inventory balance