Question: Using a perpetual inventory system, how should a company record the sale of inventory costing $580 for $1,120 on account? 1. 580 580 Inventory Cost

Using a perpetual inventory system, how should a company record the

Using a perpetual inventory system, how should a company record the sale of inventory costing $580 for $1,120 on account? 1. 580 580 Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable 1,120 1,120 2. 1,120 1,120 580 Sales Revenue Cost of Goods Sold Inventory Inventory Gain 580 3. 580 540 Sales Revenue 1,120 4. Accounts Receivable 1,120 580 Sales Revenues Gain 540 Multiple Choice Option 2 Option 4 (0) Option 1 O Option 3

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