Business
Business, 02.06.2020 23:00, JellalFernandes

A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for 10,000 and paid 750 for the freight in. The company sold the whole lot to a supermarket chain for 14,000 on account. The company uses the specific identification method of inventory costing. Which of the following entries correctly records the cost of goods sold?
A.
cost of goods sold 10,750
merchandise inventory 10,750
B.
merchandise inventory 10,750
cost of goods sold 10,750
C.
cost of goods sold 10,000
sales revenue 10,000
D.
cost of goods sold 10,000
merchandise inventory 10,000

answer
Answers: 1

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A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for 10,0...

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