Use This Inventory Information for the Month of June to Answer

question 47

Multiple Choice

Use this inventory information for the month of June to answer the following question. $\begin{array}{llll}\text { June } & 1 & \text { Beginning inventory } & 10 \text { units @ } \$120\\& 5 & \text { Purchase } & 60 \text { units } @ \$ 112\\&14 & \text { Sale } & 40 \text { units } \\&21 & \text { Purchase } & 30 \text { units @ } \$ 116 \\&30 & \text { Sale } & 28 \text { units }\end{array}$
Assuming that a periodic inventory system is used,what is cost of goods sold under the average-cost method?

• A) $3,648
• B) $7,752
• C) $3,712
• D) $7,888

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Definitions:

Semantic Encoding

This is a process of encoding sensory input that has particular meaning or can be applied to a context, rather than merely identifying sensory data.

Visualizing

The process of forming mental images or pictures to understand, interpret, or anticipate events and information.

Rhyming Words

Words that have the same ending sound, commonly used in poetry and songs for aesthetic or mnemonic purposes.

Semantic Encoding

The process of converting information into a meaningful form that is stored in memory.