Question: Using a perpetual inventory system, how should a company record the sale of inventory costing $600 for $1110 on account? 600 600 1,110 1,110 1,110

Using a perpetual inventory system, how should a company record the sale of inventory costing $600 for $1110 on account? 600 600 1,110 1,110 1,110 1,110 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 600 600 600 510 1,110 1,110 600 510

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