Question: Using a perpetual inventory system, how should a company record the sale of inventory costing $520 for $950 on account? 1. Inventory 520 Cost of

Using a perpetual inventory system, how should a company record the sale of inventory costing $520 for $950 on account? 1. Inventory 520 Cost of Goods Sold 520 Sales Revenue 950 Accounts Receivable 950 2. Accounts Receivable 950 Sales Revenue 950 Cost of Goods Sold 520 Inventory 520 3. Inventory 520 Gain 430 Sales Revenue 950 4. Accounts Receivable 950 Sales Revenues 520 Gain 430

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