Intercontinental, Inc., 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 and the inventory balance at July 31 is .

Using weighted average, the cost of goods sold for the sale of 23 units on July 31 is $2,504.70, and the inventory balance at July 31 is $ 1,306.90.

Step-by-step explanation:

Since Intercontinental, Inc., uses a perpetual inventory system, and on July 1, purchased 10 units for $ 910 or $ 91 per unit; on July 3, purchased 15 units for $ 1,590 or $ 106 per unit; on July 14, it sold 20 units; on July 17, purchased 20 units for $ 2,300 or $ 115 per unit; on July 28, purchased 10 units for $ 1,190 or $ 119 per unit; and on July 31, sold 23 units, to determine the average costs and the inventory balance as of July 31, the following calculations must be performed:

(910 +1590 + 2300 + 1190) / (10 + 15 + 20 + 10) = X

5990/55 = X

108.90 = X

108.90 x 23 = 2504.7

(55 x 108.9) - (43 x 108.9) = X

5990 - 4683.10 = X

1306.90 = X

Using weighted average, the cost of goods sold for the sale of 23 units on July 31 is $ 2504.70, and the inventory balance at July 31 is $ 1,306.90.

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step-by-step explanation: