Tetra Co. uses the perpetual inventory system and a FIFO cost flow method. On January 1, the company purchased 2,400 units of inventory that cost $4.0 each. On January 12, the company purchased an additional 3,400 units of inventory at a cost of $3.10 each. On January 20, Tetra Company sold 4,400 units of inventory. Which of the following entries would be required to recognize the cost of goods sold on that date?
a. Inventory 11,800
Cost of Goods sold 11,800
b. Cost of Goods sold 11,900
Inventory 11,900
c. Cost of Goods sold 11,800
Inventory 11,800
d. Inventory 11,900
Cost of Goods sold 11,900
1. Option A
2. Option B
3. Option C
4. Option D
Answers: 3
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Tetra Co. uses the perpetual inventory system and a FIFO cost flow method. On January 1, the company...
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