Question: Using a perpetual inventory system how should a company record the sale of Inventory costing $450 for $1.090 on account? 1. Inventory Cost of Goods

Using a perpetual inventory system how should a company record the sale of Inventory costing $450 for $1.090 on account? 1. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable 2. Accounts Receivable Sales Revenue Cost of Goods Sold Inventory 3. Inventory Gain Sales Revenue 4. Accounts Receivable Sales Revenues Gain 450 450 1,090 1,090 1,090 1,090 450 450 450 640 1,090 1,090 450 640 Multiple Choice Option1 O Option 4 Option 3 Option 2

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