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

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Description: 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 114 units at $5 eachBeginning InventoryJune 10Purchase16 units at $6 each5 unitsJu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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