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