MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answ 16) Carpenter, Inc. generated sales revenues of $1,400,000 in 2019. Its cost of goods sold amounted to 16) A) 167% B)250% C)40% D)60% 17) On November 1, 2019, Alpha Omega, Inc. sold merchandise for $18,000, FOB destination, with 17) payment terms, n/30. The cost of goods sold was $5,580. On November 3, the customer returns on this sale amounted to $7,200. The company received the balance on November 9, 2019. Calculate the gross profit from these transactions. A) $3,348 B) $5,580 C) $2.232 D) $7.452 18) Merchandise Inventory and Cost of Goods Sold appear 18) A) on the statement of retained earnings and income statement, respectively B) on the balance sheet and statement of retained earnings, respectively C) on the balance sheel and income statement, respectively D) on the income statement and statement of cash flows, respectively 19) 19) When a company that uses the perpetual inventory system sells goods for cash, the journal entry to record cost of goods sold is: A) No journal entry is required. B) Cost of Goods Sold C) Cost of Goods Sold D) Sales