QUESTION 12 Acme Co uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: 720 units at $68 each and 360 units at $70 each. Acme also sold 1,100 units during the month. If the average-cost method is used, what is the amount of ending inventory? $29,900 $31,068 $31,280 $74,294