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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 LIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory balance at July 31 is _____.

Respuesta :

1190+(13*115) is the cost of goods sold

The cost of goods sold is $2,685 and the ending inventory is $3,650.

What does LIFO mean?

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold. The cost of goods sold would be allocated to the latest purchased inventory and ending inventory would consist of the earliest purchased inventory.

Cost of goods sold = $1190 + ($115 x 13) = $2,685

Ending inventory = $910 + $1590 + ($115 x 10) = $3,650

To learn more about LIFO, please check: https://brainly.com/question/13779572

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