A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $37.80. The company has the following inventory information: June 1 June 10 Beginning Inventory 14 units at $5 each Purchase 16 units at $6 each Sale 5 units June 11 June 14 Sale 6 units The company uses the FIFO method of inventory costing. Which of the following journal entries correctly records the sale on June 14? OA. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OB. Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory C. Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 37.80 81 37.80 36 37.80 27 37.80 81 37.80 81 37.80 36 37.80 27 37.80 81
A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $37.80. The company has the following inventory information: June 1 June 10 Beginning Inventory 14 units at $5 each Purchase 16 units at $6 each Sale 5 units June 11 June 14 Sale 6 units The company uses the FIFO method of inventory costing. Which of the following journal entries correctly records the sale on June 14? OA. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OB. Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory C. Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 37.80 81 37.80 36 37.80 27 37.80 81 37.80 81 37.80 36 37.80 27 37.80 81
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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