Practice Questions, Question 16 Teal Corporation uses the periodic inventory system to record its inventory. The following information was available for the month of November: Date Nov. 1 Nov. 8 Nov. 15 Nov. 22 lanation Units Unit Cost Total Cost Beginning inventory 6 S30 32 35 36 10 15 l6 S 180 320 525 5% Purchase Purchase Total A total of 25 units were sold during the period The cost of goods sold equals $20,000, purchases were $15,000 and ending inventory is $35,000 The beginning inventory in a periodic inventory system would be: $50,000 $20,000 $40,000 $25,000