Question: Crane Corp. uses a periodic inventory system. Jul 1 Beginning inventory 23 units @ $16 $368 7 Purchases 53 units @ $24 1272 22 Purchases

Crane Corp. uses a periodic inventory system. Jul 1 Beginning inventory 23 units @ $16 $368 7 Purchases 53 units @ $24 1272 22 Purchases 8 units @ $26 208 $1848 A physical count of merchandise inventory on July 31 shows that 27 units are on hand. Under the average cost method, cost of goods sold for July was O $1254. O $1448. O $594. O $664

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