Question: Southeast Hardware sold 2 0 drills for $ 8 each. Each drill cost $ 5 . Which journal entry is required at the time of

Southeast Hardware sold 20 drills for $8 each. Each drill cost $5. Which journal entry is required at the time of sale under a perpetual inventory system?
Cash 160
Sales 160
Cash 160
Inventory 100
Gain on sale 60
Cash 160
Inventory 160
Cash 160
COGS 100
Sales 160
Inventory 100

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