12.

Use this inventory information for the month of July to answer the following question.

July	1	Beginning inventory	10 units @ $120
	5	Purchase	60 units @ $112
	14	Sale	40 units
	21	Purchase	30 units @ $116
	31	Sale	28 units

Assuming that a periodic inventory system is used, what is cost of goods sold under the average-cost method?

a. $7,752

b. $3,712

c. $7,888

d. $3,648