If a Company Sells Goods That Cost $70,000 for $82,000

Multiple Choice

If a company sells goods that cost $70,000 for $82,000, the firm will:

A) reduce Finished-Goods Inventory by $70,000.
B) reduce Finished-Goods Inventory by $82,000.
C) report sales revenue on the balance sheet of $82,000.
D) reduce Cost of Goods Sold by $70,000.
E) reduce Finished-Goods Inventory by $82,000 and report sales revenue of $70,000.