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A Company That Uses the Perpetual Inventory System Purchased 500

Question 153

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A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 for the freight-in.The company sold the whole lot to a supermarket chain for $14,000 on account.The company uses the specific-identification method of inventory costing.Which of the following entries correctly records the cost of goods sold?


A)
A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 for the freight-in.The company sold the whole lot to a supermarket chain for $14,000 on account.The company uses the specific-identification method of inventory costing.Which of the following entries correctly records the cost of goods sold? A) B) C) D)
B)
A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 for the freight-in.The company sold the whole lot to a supermarket chain for $14,000 on account.The company uses the specific-identification method of inventory costing.Which of the following entries correctly records the cost of goods sold? A) B) C) D)
C)
A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 for the freight-in.The company sold the whole lot to a supermarket chain for $14,000 on account.The company uses the specific-identification method of inventory costing.Which of the following entries correctly records the cost of goods sold? A) B) C) D)
D)
A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 for the freight-in.The company sold the whole lot to a supermarket chain for $14,000 on account.The company uses the specific-identification method of inventory costing.Which of the following entries correctly records the cost of goods sold? A) B) C) D)

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