Middleton Company uses the perpetual inventory system. The company purchased an item of inventory for $75 and sold the item to a customer for $120. How will the sale affect the company's Inventory account?Multiple ChoiceThe inventory account will decrease by $75.There is no effect on the inventory account.The inventory account will decrease by $120.The inventory account will decrease by $45.

The inventory is valued differently under different systems as Periodic inventory system and…

Middleton Company uses the perpetual inventory system. The company purchased an item of inventory for $75 and sold the item to a customer for $120. How will the sale affect the company's Inventory account? Multiple Choice OO O The inventory account will decrease by $75. There is no effect on the inventory account. The inventory account will decrease by $120. The inventory account will decrease by $45.

Middleton Company uses the perpetual inventory system. The company purchased an item of inventory for $75 and sold the item to a customer for $120. How will the sale affect the company's Inventory account? Multiple Choice OO O The inventory account will decrease by $75. There is no effect on the inventory account. The inventory account will decrease by $120. The inventory account will decrease by $45.

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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