A company using the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 for freight. The company sold the entire lot to a supermarket chain for $14,000 on account. The company uses the method of specific identification of inventory costs. Record the cost of goods sold. (Inventory)

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In a specific identification inventory system you need to match the actual costs of the items sold t... View the full answer