Business, 13.03.2020 17:30 beelcypher

A company sold inventory for $1,200 that was purchased for $700. The company records which of the following when it sells the inventory using a perpetual inventory system? Multiple Choice No entry is required for cost of goods sold and inventory. Debit Cost of Goods Sold $700; credit Inventory $700. Debit Cost of Goods Sold $1,200; credit Inventory $1,200. Debit Inventory $700; credit Cost of Goods Sold $700

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A company sold inventory for $1,200 that was purchased for $700. The company records which of the fo...