A retail store uses the periodic inventory system and performs a physical count every December 31. On March 1, a customer paid $1,000 for goods costing $600. On March 3, another customer paid $1,500 for goods costing $900. Which of the following is correct? Select one: a. $1,500 is recorded in cost of goods sold on March 3rd b. $900 is recorded in cost of goods sold on March 3rd c. No cost of goods sold is recorded in March d. $600 is recorded in cost of goods sold on March 1st

A retail store uses the periodic inventory system and performs a physical count every December 31. On March 1, a customer paid $1,000 for goods costing $600. On March 3, another customer paid $1,500 for goods costing $900. Which of the following is correct? Select one: a. $1,500 is recorded in cost of goods sold on March 3rd b. $900 is recorded in cost of goods sold on March 3rd c. No cost of goods sold is recorded in March d. $600 is recorded in cost of goods sold on March ist