Question 3 (1 point) Under the perpetual inventory system, what are the entries for the credit sale of 42 units at $390 (ex GST) each, if they cost $220 (ex GST) each? 1) DR Accounts Receivable $16380; CR Sales $16380; DR Inventory $8400; CR Cost of Goods Sold $8400; 2) DR Accounts Receivable $16380; CR Sales $16380; DR Cost of Goods Sold $9240; CR Inventory $9240; 3) DR Sales $16380; CR Accounts Payable $16380; DR Inventory $9240; CR Cost of Goods Sold $9240; 4) DR Cash at Bank $14890.91; CR Sales $14890.91; DR Cost of Goods Sold $8400; CR Inventory $8400; If beginning inventory was $20 000, total purchases for the period were $80 000, freight-in was $4000 and ending inventory was $45 000, the cost of sales for the period would be: 01) $59 000 2) $76 000 3) $51 000 4) $84 000 Blueberry Ltd uses the FIFO assumption with the periodic inventory method. Units Unit Cost $ Total Cost $ Beginning Inventory 8 12 96 Purchases 15 210 Purchases 23 15 345 14 Sales during year were 18 units. The value of closing stock at the end of the period is: 1) $651 2) $415 3) $236 4) $336