Question: Using a perpetual inventory system, how should a company record the sale of Inventory costing $490 for $1120 on account? 490 490 1,120 1,120 1,120

Using a perpetual inventory system, how should a company record the sale of Inventory costing $490 for $1120 on account? 490 490 1,120 1,120 1,120 1, 120 490 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 490 490 630 1,120 1,120 490 630 Multiple Choice Option 3 Option 2 O Option 4 Option 1

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