Millibrand Co Uses a Periodic Inventory System with the Specific

Multiple Choice

Millibrand Co uses a periodic inventory system with the specific identification method of cost assignment.
Date Units Unit cost
$
Beginning inventory July 1 1000 9
Purchase 12 2000 11
Purchase 26 1000 12
On 27 July 500 units from beginning inventory and 1000 units from the 12 July purchase were sold. What was the value of ending inventory at 31 July?

A) $20 500
B) $23 000
C) $27 500
D) $28 500