Use the Following Information for Questions Below
K-Tel Industries Had

question 26

Multiple Choice

Use the following information for questions below
K-tel Industries had the following activity with one of its inventory items during the current period:
$$\begin{array}{l}\text { }\\\begin{array} { l l l l } &&\text {units }&\text { unit cost}\\\text { beginning}&\text {inventory }&30&\$8.00\\\text { purchase}&\text {december 5 }&8&10.5\\\text {sale }&\text {december 11 }&(40) \\\text {purchase }&\text {december 17}&60&12.00\\\text {sale }&\text {december 26 }&(70) \\\end{array}\end{array}$$
-Using a perpetual inventory system and the weighted-average cost formula,the cost of goods sold for the December 11 sale was closest to

• A)$540.
• B)$420.
• C)$393.
• D)$370.

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