Question: Using a perpetual inventory system, how should a company record the sale of inventory costing $450 for $930 on account? 1. Inventory 450 Cost of

Using a perpetual inventory system, how should a company record the sale of inventory costing $450 for $930 on account?

1. Inventory 450
Cost of Goods Sold 450
Sales Revenue 930
Accounts Receivable 930
2. Accounts Receivable 930
Sales Revenue 930
Cost of Goods Sold 450
Inventory 450
3. Inventory 450
Gain 480
Sales Revenue 930
4. Accounts Receivable 930
Sales Revenues 450
Gain 480

Multiple Choice

  • Option 1

  • Option 2

  • Option 4

  • Option 3

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