1. If a company sells goods that cost $80,000 for $92,000, the firm will:
   A. reduce Finished-Goods Inventory by $80,000.
   B. reduce Finished-Goods Inventory by $92,000.
   C. report sales revenue on the balance sheet of $92,000.
   D. reduce Cost of Goods Sold by $80,000.
   E. follow more than one of the above procedures.

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Q 1 If a company sells goods that cost 80000 for 92000 the firm will Solution If ... View the full answer