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Periodic inventory systems allocate the cost of goods available for sale between cost of goods sold and ending inventory at the end of a period. Specific identification and FIFO give identical results whether the periodic or perpetual system is used. LIFO assigns costs to cost of goods sold assuming the last units purchased for the period are the first units sold. The weighted average cost per unit is computed by dividing the total cost of beginning inventory and net purchases for the period by the total number of units available. Then, it multiplies cost per unit by the number of units sold to give cost of goods 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 $$1,590$ or $$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 $\_\_\_\_\_\_\_\_\_\_\_\_\_$blank and the inventory balance at July $31$ is $\_\_\_\_\_\_\_\_\_\_\_\_\_$blank.