7. Use this inventory information for the month of June to answer the following question. Beginning inventory Purchase Sale Purchase Sale 10 units@ 120 60 units @ 112 40 units 30 units @ $116 June 14 21 30 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) $3,648 C) $7,888 D) S3,712 8. Use this inventory information for the month of May to answer the following question Beginning inventory Purchase Sale Purchase Sale 20 units @ 76 70 units@ 80 25 units 10 units@$88 May 18 29 40 units Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis? A) S5,200 B) $2,880 C) S5,120 D) $2,800