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A Company Purchased Inventory for $800 Per Unit

Question 67

Multiple Choice

A company purchased inventory for $800 per unit.The company later sold one unit of the inventory for cash of $1,500.Under the perpetual inventory system,which accounts will be debited to record the sale?


A) Cash,$1,500; Inventory,$800
B) Cash,$1,500; Cost of Goods Sold,$800
C) Cash,$1,500; Cost of Goods Sold,$700
D) Cash,$1,500; Inventory,$700

Correct Answer:

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