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Use this inventory information for the month of July to answer the following question. July 1 Beginning inventory 10 units @ $120 5 Purchase 60
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?
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