QUESTION 3 2 points Save Answer The entity applies the perpetual inventory system. If the entity has to account for credit sales of goods, the bookkeeper will: Account for the profit of the sold goods in the Inventory account. Account for the selling price of the sold goods in the Inventory account. Account for the cost price of the sold goods in the Cost of sales account. Account for the selling price of the sold goods in the Cost of sales account. QUESTION 4 2 points Save Answer The entity purchased goods marked at R4 500 and received 5% cash discount. Calculate the value at which the inventory will be recorded in the financial records. O R4 500. O R4 725. OR225. OR4 275