On July 7, 2010, Fins & Feathers purchased 100 bags of Koi Chow at $10 each from Far East Company. On July 11, Fins & Feathers sold 60 bags at $15 each. Fins & Feathers uses a perpetual inventory system. The company should recognize which of the following amounts in the Sales and Cost of Goods Sold accounts?

Question

On July 7, 2010, Fins & Feathers purchased 100 bags of Koi Chow at $10 each from Far East Company. On July 11, Fins & Feathers sold 60 bags at $15 each. Fins & Feathers uses a perpetual inventory system. The company should recognize which of the following amounts in the Sales and Cost of Goods Sold accounts?
On July 7, 2010, Fins & Feathers purchased 100 bags of Koi Chow at $10 each from Far East Company. On July 11, Fins & Feathers sold 60 bags at $15 each. Fins & Feathers uses a perpetual inventory system. The company should recognize which of the following amounts in the Sales and Cost of Goods Sold accounts?

Quizplus · Accepted Answer

The Answer of On July 7, 2010, Fins & Feathers purchased 100 bags of Koi Chow at $10 each from Far East Company. On July 11, Fins & Feathers sold 60 bags at $15 each. Fins & Feathers uses a perpetual inventory system. The company should recognize which of the following amounts in the Sales and Cost of Goods Sold accounts?

On July 7, 2010, Fins & Feathers Purchased 100 Bags