38. The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase $500 $5.20 2nd purchase $700 $5.30 3rd purchase 600 $5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the cost of goods sold would be a. $11,140. b. $11,130. c. $8,480 d. $8,410 39. The following data applies to a particular item of merchandise: On hand at start of period 300 S5.10 1st purchase 500 $5.20 2nd purchase 700 $5.30 3rd purchase 600 $5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the value of the inventory on hand at the end of the period would be a. $2,650. b. $2,750 c. $2,730. d. $2,530. 40. A method of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the a. last-in, first-out method. b. first-in, first-out method. c. specific identification method. d. average cost method