Terry's Trucks sells $ 250 worth of oil to a home-based mechanic. Both businesses are located in Manitoba where the PST is 8% and GST 5%. Terry's uses a perpetual inventory system and the cost of the oil sold was $ 125 before tax. What would be the entry to cost of goods sold for the sale?
A) $ 135.00
B) $ 141.25
C) $ 250.00
D) $ 125.00
Correct Answer:
Verified
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