Use this inventory information for the month of May to answer the following question. May 1 Beginning inventory 40 units @ $76 7 Purchase 140 units @ $80 18 Sale 50 units 22 Purchase 20 units @ $88 29 Sale 80 units Assuming that a perpetual inventory system is used, what is cost of goods sold (rounded) under the average-cost method?
A) $5,620
B) $6,420
C) $10,380
D) $12,040
C
Business
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